Nev. Admin. Code § 353B.655 - Limitation on contributions; maximum aggregate balance for designated beneficiary; return of excess contributions
1. A contribution
to an account established for a designated beneficiary will not be accepted to
the extent the contribution would cause the total account balance of all
accounts for the designated beneficiary to exceed the amount necessary to
provide for the qualified higher education expenses of the designated
beneficiary.
2. The Board will
establish the maximum aggregate balance for the accounts of a designated
beneficiary and will, from time to time, revise the maximum aggregate balance
as it determines necessary.
3. If
any contribution would cause the total account balance of all accounts for a
designated beneficiary to exceed the maximum aggregate balance for the accounts
of a designated beneficiary established by the Board, the excess money will be
rejected and returned to the contributors in order of receipt. The balance in
all accounts for that designated beneficiary under the Nevada Higher Education
Prepaid Tuition Program will be included in calculating whether the maximum
aggregate balance has been exceeded.
Notes
NRS 353B.310
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