EDUCATION
CHAPTER 54
COLLEGE SAVINGS PROGRAM
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 as having the right
to withdraw moneys from the account before the account is disbursed
to or for the benefit of the designated beneficiary.
(3) "Board"
means the state college savings program board created in section 33-5402, Idaho
Code. (4) "Designated
beneficiary," except as provided in section 33-5404, Idaho
Code, means, with respect to an account, the individual designated
at the time the account is opened as the individual whose higher education
expenses are expected to be paid from the account or, if this designated
beneficiary is replaced in accordance with section 33-5404, Idaho
Code, the replacement beneficiary. (5) "Eligible
educational institution" shall have the meaning provided in 26
U.S.C. section 529.
(6) "Financial
institution" means any state bank, national bank, savings bank,
savings and loan association, credit union, insurance company, brokerage
firm or other similar entity that is authorized to do business in
this state.
(7) "Member
of the family" shall have the meaning as provided in 26 U.S.C.
section 529.
(8) "Nonqualified
withdrawal" means an account withdrawal that is not one (1) of
the following:
(a) A qualified
withdrawal;
(b) A withdrawal
made as the result of the death or disability of the designated beneficiary
of an account;
(c) A withdrawal
that is made on account of a scholarship as defined in 26 U.S.C. section
117 or an educational allowance as defined in 26 U.S.C. section 25A(g)(2);
(d) A rollover
or change of the designated beneficiary.
(9) "Person"
means an individual, a trust, an estate, a partnership, an association,
a foundation, a guardianship, a corporation, or a custodian under
the Idaho uniform transfers to minors act.
(10) "Program"
means the college savings program established under this chapter.
(11) "Qualified
higher education expenses" shall have the meaning provided in
26 U.S.C. section 529(e)(3).
(12) "Qualified
withdrawal" means a withdrawal from an account to pay the qualified
higher education expenses of the designated beneficiary of the account,
but only if the withdrawal is made in accordance with this chapter.
Idaho Statutes