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Session Laws, 2002
Volume 800, Page 5117   View pdf image
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PARRIS N. GLENDENING, Governor
H.B. 437
(i) Distinct records are maintained for each portfolio; and (ii) The assets associated with each portfolio are accounted for
separately from the other assets of the Plan. (4) (I) THE BOARD MAY NOT ALLOW THE SAME CONTRIBUTOR TO
OPEN MORE THAN ONE INVESTMENT ACCOUNT FOR A SINGLE BENEFICIARY IN THE
SAME CALENDAR YEAR. (II) THE BOARD MAY ALLOW A CONTRIBUTOR TO INVEST IN
MULTIPLE PORTFOLIOS FOR THE SAME BENEFICIARY UNDER A SINGLE INVESTMENT
ACCOUNT. Article - Tax - General 10-205. (h) (1) (i) In this subsection the following words have the meanings
indicated. (ii) "Contributor" and "qualified designated beneficiary" have the
meanings stated in § 18-19A-01 of the Education Article. (iii) "Purchaser" and "qualified beneficiary" have the meanings
stated in § 18-1901 of the Education Article. (iv) "Qualified higher education expenses" has the meaning stated
in § 529 of the Internal Revenue Code, "QUALIFIED TUITION PROGRAM" HAS THE
MEANING STATED IN § 529 OF THE INTERNAL REVENUE CODE. (2) [The] EXCEPT AS OTHERWISE PROVIDED IN THIS SUBSECTION, THE
addition under subsection (a) of this section includes the amount of: (i) any refund received in the taxable year by a purchaser under a
prepaid contract in accordance with the Maryland Prepaid College Trust or a
contributor under an investment account in accordance with the Maryland College
Investment Plan; or (ii) any distribution received in the taxable year by a purchaser
under a prepaid contract in accordance with the Maryland Prepaid College Trust or a
contributor under an investment account in accordance with the Maryland College
investment Plan that is not used on behalf of the qualified beneficiary or qualified
designated beneficiary for qualified higher education expenses. (3) THE ADDITION REQUIRED UNDER THIS SUBSECTION DOES NOT
INCLUDE ANY AMOUNT THAT: (I) QUALIFIES FOR TREATMENT AS A TAX FREE ROLLOVER UNDER
§ 529(C)(3)(C) OF THE INTERNAL REVENUE CODE; AND (II) IS TRANSFERRED TO ANOTHER QUALIFIED TUITION PROGRAM
ESTABLISHED BY THIS STATE FOR THE BENEFIT OF THE QUALIFIED BENEFICIARY
OR QUALIFIED DESIGNATED BENEFICIARY OR FOR THE BENEFIT OF ANOTHER
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Session Laws, 2002
Volume 800, Page 5117   View pdf image
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