§256-1 Definitions. As used in this chapter, unless the context otherwise requires: “Account” or “college account” means an individual savings account established in accordance with this chapter. “Account owner” means the individual who enters into a tuition savings agreement pursuant to this chapter and as defined under the proposed income tax regulations, sections 1.529-1 to […]
§256-2 College savings program established. There is established the college savings program. The purpose of this program is to enable families to save for college tuition and other expenses through college accounts. The program shall provide college accounts to: (1) Enable residents of this State and other states to benefit from the tax incentive provided […]
§256-3 Functions and powers of the director of finance. (a) The director of finance shall implement the program under the terms and conditions established by this chapter. The director of finance may make changes to the program as required for participants to obtain or maintain the federal tax benefits or treatment provided by section 529 […]
§256-4 Program requirements; college account. (a) A college account may be opened by any person who desires to save money for the payment of the qualified higher education expenses on behalf of a designated beneficiary. The person shall be considered the account owner as defined in section 256-1. An application for an account shall be […]
§256-5 Program limitations; college account. (a) Nothing in this chapter shall be construed to: (1) Give any designated beneficiary any rights or legal interest with respect to an account; (2) Guarantee that a designated beneficiary: (A) Will be admitted to an institution of higher education; or (B) Upon admission to an institution of higher education, […]
§256-6 College savings program trust fund. (a) There is established the college savings program trust fund. The director of finance shall have custody of the fund. All payments from the fund shall be made in accordance with this chapter. (b) The fund shall consist of a trust account and an operating account. The trust account […]
§256-7 Tax reporting. The director of finance or the program manager of the college savings program, or a designee, shall file a report annually, with the director of taxation, setting forth the names and identification numbers of account owners, designated beneficiaries, and distributees of college accounts, the amounts contributed to the accounts, the amounts distributed […]
