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S.B. 140
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VETOES
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This bill enhances the Maryland Higher Education Investment Program and
encourages more families to prepare for future higher education expenses. The bill
also creates The Maryland College Investment Plan.
House Bill 11, which was passed by the General Assembly and signed by me today,
accomplishes the same purpose. Therefore, it is not necessary for me to sign Senate
Bill 140.
Sincerely,
Parris N. Glendening
Governor
Senate Bill No. 140
AN ACT concerning
Maryland Prepaid College Trust and Maryland College Investment Plan
FOR the purpose of changing the name of the Maryland Higher Education
Investment Program to the Maryland Prepaid College Trust; authorizing the
Maryland Higher Education Investment Board to provide for certain rebates to
owners of prepaid contracts under certain circumstances; requiring the Board to
allow the transfer of funds from certain tuition state tuition programs to other
state tuition programs under certain circumstances; requiring the Governor
under certain circumstances to include a certain amount for the Maryland
Prepaid College Trust in the annual budget submitted to the General Assembly;
providing that certain amounts paid into the Program by the State shall
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
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