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Session Laws, 2002
Volume 800, Page 5118   View pdf image
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H.B. 437
VETOES
BENEFICIARY WHO, WITHIN THE MEANING OF § 529 OF THE INTERNAL REVENUE
CODE, IS A MEMBER OF THE FAMILY OF THE ORIGINAL QUALIFIED BENEFICIARY OR
QUALIFIED DESIGNATED BENEFICIARY ANY DISTRIBUTION FROM A QUALIFIED
TUITION PROGRAM OTHER THAN: (I) A DISTRIBUTION FOR QUALIFIED HIGHER EDUCATION
EXPENSES, WITHIN THE MEANING OF § 529(C)(3)(B) OF THE INTERNAL REVENUE
CODE; OR (II) A DISTRIBUTION THAT IS A ROLLOVER OR CHANGE IN
DESIGNATED BENEFICIARIES. WITHIN THE MEANING OF § 529(C)(3)(C) OF THE
INTERNAL REVENUE CODE. [(3)] (4) The amount of the addition required under this subsection shall
be reduced by any amount included in the individual's federal adjusted gross income
as a result of the refund DISTRIBUTION. [(4)] (5) The cumulative amount of the addition under this subsection
for the taxable year and all prior taxable years may not exceed THE SUM OF: (I) the cumulative amount allowed as a subtraction: (i) under § 10-208(n) of this subtitle for the taxable year and all
prior taxable years for the purchaser's payments to the prepaid contract under which
the refund or distribution is received; or FOR CONTRIBUTIONS TO A QUALIFIED
PREPAID TUITION PROGRAM; AND (ii) THE CUMULATIVE AMOUNT ALLOWED AS A SUBTRACTION
under § 10-208(o) of this subtitle for the taxable year and all prior taxable years for
contributions made by a contributor to an investment account under which the refund
or distribution is received FOR CONTRIBUTIONS TO A QUALIFIED HIGHER
EDUCATION INVESTMENT PROGRAM. 10-207. [(s) (1) (i) In this subsection the following words have the meanings
indicated. (ii) "Qualified beneficiary" has the meaning stated in § 18-1901 of
the Education Article. (iii) "Qualified designated beneficiary" has the meaning stated in
§ 18-19A-01 of the Education Article. (iv) "Qualified higher education expenses" has the meaning stated
in § 529 of the Internal Revenue Code. (2) Except as provided in paragraph (3) of this subsection, the
subtraction under subsection (a) of this section includes any amount included in
federal adjusted gross income as a result of a distribution to;
(i) a qualified beneficiary pursuant to a prepaid contract under the
Maryland Prepaid College Trust; or - 5118 -


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Session Laws, 2002
Volume 800, Page 5118   View pdf image
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