33-5401. DEFINITIONS. As used in this chapter, the following terms have the following meanings unless the context clearly denotes otherwise: (1) "Account" means an individual trust account or savings account established as prescribed in this chapter. (2) "Account owner" means the person or state or local government organization designated in the agreement governing the account […]
33-5402. STATE COLLEGE SAVINGS PROGRAM BOARD — COLLEGE SAVINGS PROGRAM — POWERS AND DUTIES. There is hereby created the state college savings program board. The board shall consist of the state treasurer or his designee who shall serve as chair, the governor or designee, the state controller or designee, the attorney general or designee, the […]
33-5403. ADMINISTRATION OF THE PROGRAM. (1) The board shall implement the program through its staff, agreements with one (1) or more financial institutions engaged to act as the program’s depositories and managers, or through agreements with any public entity or agency, including depository, investment or management relationships with other 529 plans or entities. (2) The […]
33-5404. PROGRAM REQUIREMENTS. (1) The program shall be operated through the use of individual accounts. Each account may be opened by any person who desires to save for the qualified higher education expenses of a person. If approved by the board, minors may open an account that cannot be disaffirmed pursuant to section 32-103, Idaho […]
33-5405. TAXATION TO BENEFICIARY. The 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 chapter is liable for taxes that may accrue under chapter 30, title 63, Idaho Code, when a nonqualified withdrawal is received by the designated beneficiary. History: [33-5405, […]
33-5406. SCHOLARSHIPS AND FINANCIAL AID PROVISIONS. (1) 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 if it were an asset of the parent of the designated beneficiary and not […]
33-5407. LIMITATIONS OF CHAPTER. (1) Nothing in this chapter shall be construed to: (a) Give any designated beneficiary any rights or legal interest with respect to an account unless the designated beneficiary is the account owner; (b) Guarantee that a designated beneficiary will be admitted to an eligible education institution or be allowed to continue […]
33-5408. ANNUAL REPORT. The board shall submit an annual report to the speaker of the house of representatives and the president pro tempore of the senate by February 1 that summarizes the board’s findings and recommendations concerning the program established by this chapter. History: [33-5408, added 2000, ch. 213, sec. 1, p. 581.]
33-5409. COLLEGE SAVINGS FUND. (1) There is hereby created in the state treasury the "College Savings Fund" to which shall be credited: (a) Administrative fees and service charges in connection with any agreement, contract or transaction related to the college savings program; (b) Fees and charges collected to cover costs associated with the powers and […]
33-5410. UNCLAIMED ACCOUNTS. (1) Except as set forth in this section, unclaimed accounts shall be subject to the provisions of section 14-512(1), Idaho Code. (2) The date upon which the account owner is deemed to have last communicated that the owner is currently aware of his interest in the account shall not occur prior to […]
