Utah Code 53B-8a-201. Definitions
Current as of: 2024 | Check for updates
|
Other versions
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:
Terms Used In Utah Code 53B-8a-201
- Child: means an individual less than 20 years of age. See Utah Code 53B-8a-201
- 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. See Utah Code 53B-8a-201
- 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. See Utah Code 53B-8a-201
- Economically disadvantaged: means that a child is:(5)(a) experiencing intergenerational poverty;(5)(b) a member or foster child of a family with an annual income at or below 185% of the federal poverty level;(5)(c) living with a legal custodian or legal guardian with an annual family income at or below 185% of the federal poverty level; or(5)(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. See Utah Code 53B-8a-201
- 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. See Utah Code 53B-8a-201
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Guardian: includes a person who:
(14)(a) qualifies as a guardian of a minor or incapacitated person pursuant to testamentary or court appointment; or(14)(b) is appointed by a court to manage the estate of a minor or incapacitated person. See Utah Code 68-3-12.5- Higher education costs: means the same as that term is defined in Section Utah Code 53B-8a-201
- Intergenerational poverty: means the same as that term is defined in Section 35A-9-102. See Utah Code 53B-8a-201
- Person: means :
(24)(a) an individual;(24)(b) an association;(24)(c) an institution;(24)(d) a corporation;(24)(e) a company;(24)(f) a trust;(24)(g) a limited liability company;(24)(h) a partnership;(24)(i) a political subdivision;(24)(j) a government office, department, division, bureau, or other body of government; and(24)(k) any other organization or entity. See Utah Code 68-3-12.5- Plan: means the Utah Educational Savings Plan created in Section 53B-8a-103. See Utah Code 53B-8a-102
- Program: means the Student Prosperity Savings Program created in Section 53B-8a-202. See Utah Code 53B-8a-201
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
- Technical college: means an institution of higher education described in Subsection 53B-1-102(1)(b). See Utah Code 53B-1-101.5
- United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
(1)(a) meets the requirements of Section 529, Internal Revenue Code; and(1)(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:(5)(a) experiencing intergenerational poverty;(5)(b) a member or foster child of a family with an annual income at or below 185% of the federal poverty level;(5)(c) living with a legal custodian or legal guardian with an annual family income at or below 185% of the federal poverty level; or(5)(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:(6)(a) is under 20 years of age and is a resident of Utah;(6)(b) is economically disadvantaged; and(6)(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:(8)(a) a credit-granting institution of higher education within the state system of higher education;(8)(b) a private, nonprofit college or university in the state that is accredited by the Northwestern Association of Schools and Colleges; or(8)(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.