Utah Admin. Code R982-302-102 - Definitions and Acronyms
In addition to the definitions in Section 35A-9-601, the following definitions apply to this rule:
(1)
"529 Account Beneficiary" means the individual designated:
(a) in a 529 savings account agreement
between a person, an estate, or a trust and the plan; and
(b) to benefit from the amount saved in the
529 savings account.
(2)
"529 Account Owner" means a qualifying individual who the Department identifies
as experiencing intergenerational poverty, who has established a 529 savings
account for a minor dependent, and who has not been disqualified from
participating in the program for overclaiming a match the previous
year.
(3) "Application" means the
electronic application provided by the Department to be completed by the 529
Account Owner.
(4) "Family" means a
529 Account Owner and legally recognized beneficiaries that have been claimed
on the account owner's federal income tax return for the specified taxable
year.
(5) "Department" means the
Department of Workforce Services, the funding authority administering the
restricted account established for the ESI program.
(6) "EITC" means the federal earned income
tax credit, described in Section 32, Internal Revenue Code, and that a
qualifying individual claims and is eligible to claim on their federal income
tax return for the specified taxable year.
(7) "Match" means the monetary amount of
funding provided by the Department, matching dollar-to-dollar verified deposits
in each claimed beneficiary account, not to exceed $300 per family.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.