South Carolina Code 59-4-100. Program and fund not liable for taxes, fees or assessments; contributions deductible; money or benefits received not taxable if used for specified purposes
Current as of: 2023 | Check for updates
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Terms Used In South Carolina Code 59-4-100
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contributor: means a person who makes or is obligated to make advance payments in accordance with a prepaid tuition contract. See South Carolina Code 59-4-20
- Designated beneficiary: means the individual who is designated as the beneficiary of amounts paid or to be paid to the South Carolina Tuition Prepayment Program or, in the case of a change in beneficiaries as permitted under this chapter, the individual who is the new beneficiary. See South Carolina Code 59-4-20
- Fund: means the South Carolina Tuition Prepayment Program Fund. See South Carolina Code 59-4-20
- Program: means the South Carolina Tuition Prepayment Program. See South Carolina Code 59-4-20
Notwithstanding any other provision of law, neither the program nor the fund is liable for income taxes, and neither the program nor the fund is liable for local taxes, fees, or assessments. In addition, contributions to the fund credited to a beneficiary‘s account entitle the contributor to a deduction for purposes of the state individual income tax, and these contributions must not be included in the South Carolina gross income of the beneficiary or anyone required to support the beneficiary. Furthermore, earnings on the account, tuition waivers, credits or payments for tuition, or any money or payout that the designated beneficiary receives or from which he benefits to the extent that the payments are used for tuition expenses during the same calendar year in which they are received shall not be included in the South Carolina gross income of the beneficiary or anyone required to support the beneficiary.