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Ch. 494
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2000 LAWS OF MARYLAND
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constitute and be accounted for as advances to the Program; providing for the
repayment to the State of certain amounts paid into the Program subject to
certain rights; requiring the Board to allow certain benefits paid from the
Maryland Prepaid College Trust to be used toward certain higher education
expenses other than tuition and fees under certain circumstances; altering
certain requirements for a legislative audit of the Maryland Prepaid College
Trust; requiring a certain annual audit of the Maryland Prepaid College Trust;
establishing the Maryland College Investment Plan as a means to allow
individuals to make contributions to certain accounts for the purposes of
meeting certain higher education expenses; requiring the Maryland Higher
Education Investment Board to oversee the administration of the Plan;
providing that neither the faith and credit nor the taxing power of the State is
pledged to the payment of debts, prepaid contracts, and obligations of the Plan;
providing for the administration of the Plan; requiring the Board to maintain
the Plan in compliance with Internal Revenue Service standards for qualified
state tuition programs; providing that distributions from the Plan may be used
only for certain qualified higher education expenses; requiring the Board to
issue certain statements to participants at least annually; providing that the
assets and income of the Plan are exempt from State and local taxation;
requiring the Board to report to the Governor and General Assembly annually
concerning the audit and certain matters concerning the Plan; providing
allowing a subtraction modification under the Maryland income tax for certain
contributions to an account under the Plan, subject to a certain limitation;
allowing certain amounts disallowed under the subtraction modification as a
result of a certain limitation to be carried over and subtracted for succeeding
taxable years; providing requiring an addition modification for certain
distributions made under the Plan, subject to a certain limitation certain
prepaid contracts and investment accounts; requiring an addition modification
for certain refunds under certain prepaid contracts and investment accounts;
allowing a subtraction modification for certain distributions under certain
prepaid contracts and investment accounts; providing for the construction and
application of this Act; defining certain terms; and generally relating to the
Maryland Higher Education Investment Board, the Maryland Prepaid College
Trust, and the Maryland College Investment Plan.
BY repealing and. reenacting, with amendments,
Article - Education
Section 18-1901, 18-1903 through 18-1907, 18-1909 through 18-1911, and
18-1913 through 18-1916 to be under the amended subtitle "Subtitle 19.
Maryland Prepaid College Trust"
Annotated Code of Maryland '
(1999 Replacement Volume)
BY adding to
Article — Education
Section 18-1906.1; and 18-19A-01 through 18-19A-07 to be under the new
subtitle "Subtitle 19A. Maryland College Investment Plan"
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