15-1871. Definitions In this article, unless the context otherwise requires: 1. " Account" means an individual trust account in the fund that is established as prescribed in this article. 2. " Account owner" means the person who enters into a tuition savings agreement pursuant to this article, who is an account owner within the meaning […]
15-1872. AZ529, Arizona’s education savings plan; state board of investment; rules; powers and duties A. The board shall approve financial institutions to act as the depositories and managers of AZ529, Arizona’s education savings plan accounts pursuant to section 15-1874. B. The board may adopt rules to assist in implementing and administering this article. C. Members […]
15-1873. Treasurer; powers and duties; AZ529, Arizona’s education savings plan trust fund A. The treasurer shall: 1. Develop and implement the plan in a manner consistent with this article by adopting rules, guidelines and procedures. 2. Retain professional services, if necessary, including accountants, auditors, consultants and other experts. 3. Seek rulings and other guidance from […]
15-1874. Use of contractor as account depository and manager A. The treasurer shall implement the operation of the plan through the use of one or more financial institutions to act as the depositories of the fund and managers of the plan. Under the plan, persons may submit applications for enrollment in the plan and establish […]
15-1875. Plan requirements A. The plan shall be operated through the use of accounts in the fund established by account owners. Payments to the fund for participation in the plan shall be made by account owners pursuant to tuition savings agreements. An account may be opened by any person who desires to invest in the […]
15-1876. Higher education expenses; exemption from taxation Notwithstanding any other law, the amount of any distribution to a designated beneficiary, as defined in section 529(e)(1) of the internal revenue code, from an individual trust account or savings account established under this article is exempt from taxation under title 43 but only to the extent that […]
15-1877. Scholarships and financial aid provisions A. Any student loan program, student grant program or other financial assistance program established or administered by this state shall treat the balance in an account of which the student is a designated beneficiary as neither an asset of the parent of the designated beneficiary nor as a scholarship, […]
15-1878. Limits of article A. This article does not: 1. Give any designated beneficiary any rights or legal interest with respect to an account unless the designated beneficiary is the account owner. 2. Guarantee that a designated beneficiary will be admitted to an eligible educational institution or be allowed to continue enrollment at or graduate […]
15-1879. Annual report The treasurer shall submit an annual report to the speaker of the house of representatives, the president of the senate and the governor by March 1 that summarizes the treasurer’s findings and recommendations concerning the plan established by this article.
