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PARRIS N. GLENDENING, Governor H.B. 437
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(ii) a qualified designated beneficiary from an investment account
under the Maryland College Investment Plan.
(3) The subtraction under paragraph (2) of this subsection does not apply
to:
(i) a refund under the Maryland Prepaid College Trust or the
Maryland College Investment Plan; or
(ii) a distribution that is not used by the qualified beneficiary or
qualified designated beneficiary for qualified higher education expenses.]
10-208.
(n) (1) (i) In this subsection the following words have the meanings
indicated.
(ii) "Purchaser" has the meaning stated in § 18-1901 of the
Education Article.
(II) "CONTRIBUTOR" MEANS A CONTRIBUTOR WITHIN THE
MEANING OF § 529 OF THE INTERNAL REVENUE CODE.
(III) "DESIGNATED BENEFICIARY" HAS THE MEANING STATED IN §
529 OF THE INTERNAL REVENUE CODE.
(iii) (IV) "Qualified higher education expenses" has the meaning
stated in § 529 of the Internal Revenue Code.
(V) "QUALIFIED PREPAID TUITION PROGRAM" MEANS A QUALIFIED
TUITION PROGRAM UNDER WHICH AN INDIVIDUAL MAY PURCHASE TUITION
CREDITS OR CERTIFICATES ON BEHALF OF A DESIGNATED BENEFICIARY WHICH
ENTITLE THE DESIGNATED BENEFICIARY TO THE WAIVER OR PAYMENT OF
QUALIFIED HIGHER EDUCATION EXPENSES OF THE DESIGNATED BENEFICIARY.
(VI) "QUALIFIED TUITION PROGRAM" HAS THE MEANING STATED IN
§ 529 OF THE INTERNAL REVENUE CODE.
(2) (I) The subtraction under subsection (a) of this section includes the
amount of advance payments of qualified higher-education expenses made by a
purchaser during the taxable year as provided under a prepaid contract in accordance
with the Maryland Prepaid College Trust CONTRIBUTIONS MADE BY A CONTRIBUTOR
TO A QUALIFIED PREPAID TUITION PROGRAM ON BEHALF OF A DESIGNATED
BENEFICIARY.
(II) THE SUBTRACTION UNDER THIS SUBSECTION DOES NOT
INCLUDE ANY AMOUNT THAT IS A TAX-FREE ROLLOVER OR CHANGE IN DESIGNATED
BENEFICIARIES UNDER § 529(C)(3)(C) OF THE INTERNAL REVENUE CODE FROM
ANOTHER QUALIFIED TUITION PROGRAM, AS DEFINED IN § 529 OF THE INTERNAL
REVENUE CODE.
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