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PARRIS N. GLENDENING, Governor
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S.B. 140
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PREPAID contract, may be carried over to succeeding taxable years until the full
amount of the advance payments has been allowed as a subtraction.
(O) (1) IN THIS SUBSECTION, "INVESTMENT ACCOUNT", "QUALIFIED
DESIGNATED BENEFICIARY", "CONTRIBUTOR", AND "QUALIFIED HIGHER EDUCATION
EXPENSES" HAVE THE MEANINGS STATED IN § 18-19A-01 OF THE EDUCATION
ARTICLE.
(2) THE SUBTRACTION UNDER SUBSECTION (A) OF THIS SECTION
INCLUDES THE AMOUNT CONTRIBUTED BY A CONTRIBUTOR DURING THE TAXABLE
YEAR TO AN INVESTMENT ACCOUNT.
(3) SUBJECT TO PARAGRAPH (4) OF THIS SUBSECTION, FOR EACH
INVESTMENT ACCOUNT, THE SUBTRACTION UNDER PARAGRAPH (2) OF THIS
SUBSECTION MAY NOT EXCEED $2,500 FOR ANY TAXABLE YEAR
(4) THE AMOUNT DISALLOWED AS A SUBTRACTION UNDER THIS
SUBSECTION FOR ANY TAXABLE YEAR AS A RESULT OF THE LIMITATION UNDER
PARAGRAPH (3) OF THIS SUBSECTION SHALL BE TREATED AS HAVING BEEN
CONTRIBUTED IN THE NEXT 10 SUCCEEDING TAXABLE YEARS AND, SUBJECT TO THE
$2,500 ANNUAL LIMITATION FOR EACH COLLEGE SAVINGS PLAN INVESTMENT
ACCOUNT, MAY BE CARRIED OVER TO SUCCEEDING TAXABLE YEARS AS A
SUBTRACTION.
Chapter 110 of the Acts of 1997
SECTION 5. AND BE IT FURTHER ENACTED, That [any] THE TOTALITY
OF THE MARKETING efforts undertaken by the Maryland Higher Education
Investment [Program] Board to market the Maryland [Higher Education
Investment Program] PREPAID COLLEGE TRUST must include full disclosure that
the contract entered into under the provisions of this Act does not guarantee that the
earnings of the assets invested in the Program will generate the difference between
the projected costs of tuition under the contract and the actual costs at the time of
enrollment.
Chapter 111 of the Acts of 1997
SECTION 5. AND BE IT FURTHER ENACTED, That [any] THE TOTALITY
OF THE MARKETING efforts undertaken by the Maryland Higher Education
Investment [Program] Board to market the Maryland [Higher Education
Investment Program] PREPAID COLLEGE TRUST must include full disclosure that
the contract entered into under the provisions of this Act does not guarantee that the
earnings of the assets invested in the Program will generate the difference between
the projected costs of tuition under the contract and the actual costs at the time of
enrollment.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall be
construed and applied to affect all prepaid contracts purchased prior to the effective
date of this Act.
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- 3635 -
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