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2021 Utah Code
Title 53B - State System of Higher Education
Chapter 8a - Utah Educational Savings Plan
Part 2 - Student Prosperity Savings Program
Section 201 - Definitions.
Universal Citation:
UT Code § 53B-8a-201 (2021)
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Effective 5/8/2018
53B-8a-201. Definitions.
As used in this part:
Amended by Chapter 292, 2018 General Session
Amended by Chapter 306, 2018 General Session
Amended by Chapter 315, 2018 General Session, (Coordination Clause)
53B-8a-201. Definitions.
As used in this part:
- (1) "529 savings account" means a tax-advantaged method of saving for higher education costs on behalf of a particular individual that:
- (a) meets the requirements of Section 529, Internal Revenue Code; and
- (b) is managed by the plan.
- (2) "Child" means an individual less than 20 years of age.
- (3) "Community partner" means a nonprofit organization that provide services to a child who is economically disadvantaged or a family member, legal guardian, or legal custodian of a child who is economically disadvantaged.
- (4) "Donation" means a gift, grant, donation, or any other conveyance of money by a person other than the Legislature that is not made directly for the benefit or on behalf of a particular individual.
- (5) "Economically disadvantaged" means that a child is:
- (a) experiencing intergenerational poverty;
- (b) a member or foster child of a family with an annual income at or below 185% of the federal poverty level;
- (c) living with a legal custodian or legal guardian with an annual family income at or below 185% of the federal poverty level; or
- (d) living with a legal custodian or legal guardian who can attest that the child or the child's household is receiving services benefitting low-income households or individuals.
- (6) "Eligible individual" means an individual who:
- (a) is under 20 years of age and is a resident of Utah;
- (b) is economically disadvantaged; and
- (c) receives, or has a family member, a foster family member, or a legal custodian or legal guardian who receives, services from a community partner.
- (7) "Federal poverty level" means the poverty level as defined by the most recently revised poverty income guidelines published by the United States Department of Health and Human Services in the Federal Register.
- (8) "Higher education costs" means the same as that term is defined in Section 53B-8a-102.5, except that the expenses must be incurred at:
- (a) a credit-granting institution of higher education within the state system of higher education;
- (b) a private, nonprofit college or university in the state that is accredited by the Northwestern Association of Schools and Colleges; or
- (c) a technical college.
- (9) "Intergenerational poverty" means the same as that term is defined in Section 35A-9-102.
- (10) "Program" means the Student Prosperity Savings Program created in Section 53B-8a-202.
Amended by Chapter 292, 2018 General Session
Amended by Chapter 306, 2018 General Session
Amended by Chapter 315, 2018 General Session, (Coordination Clause)
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