2 CRR-NY 151.2NY-CRR
2 CRR-NY 151.2
2 CRR-NY 151.2
151.2 Definitions.
(a) Unless otherwise defined, the terms used herein shall have the same meaning as used in the program brochure for the program, as now in effect or hereafter amended (the program brochure), which describes the program's operation and financial information. The program brochure can be obtained from the program manager selected by the Comptroller and HESC pursuant to article 14-A of the Education Law.
(b) The following terms used herein shall have the meanings set forth below:
(1) Account means an individual savings account established in accordance with article 14-A.
(2) Designated beneficiary means, with respect to an account, the individual designated as the individual whose qualified higher education expenses are expected to be paid from such account.
(3) Early withdrawal means a withdrawal from an account before the expiration of 36 months from the date the account was opended, whether or not the withdrawal is for payment of qualified higher education expenses.
(4) Non-qualified withdrawal means a withdrawal from an account which is not:
(i) a qualified withdrawal;
(ii) a withdrawal made as a result of the death or disability of a designated beneficiary; or
(iii) a withdrawal made on account of a scholarship.
(5) Qualified higher education expense shall have the meaning set forth in section 529(e)(3) of the code.
(6) Qualified withdrawal means a withdrawal from an account to pay qualified higher education expenses of the designated beneficiary after the account has been open for at least 36 months.
(7) Scholarship shall mean any payment described in section 530(d)(4)(B)(iii) of the code.
(8) Transfer means a distribution described in section 529(c)(3)(C)(i) of the code and the treasury regulations thereunder.
(9) Trust fund means the New York State College Choice Tuition Savings Program trust fund established by section 78 of the State Finance Law.
2 CRR-NY 151.2
Current through August 31, 2022
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