85-1802 Terms, defined.
85-1802. Terms, defined.For purposes of sections 85-1801 to 85-1814:(1) Administrative fund means the College Savings Plan Administrative Fund createdin section 85-1807;(2) Beneficiary means the individual designated by a participationagreement to benefit from advance payments of higher education costs on behalfof the beneficiary;(3) Benefits means the payment of higher education costs onbehalf of a beneficiary by the trust during the beneficiary's attendance atan institution of higher education;(4) Expensefund means the College Savings Plan Expense Fund created in section 85-1807;(5) Higher education costs means the certified costs of tuitionand fees, books, supplies, and equipment required for enrollment or attendanceat an institution of higher education. Reasonable room and board expenses,based on the minimum amount applicable for the institution of higher educationduring the period of enrollment, shall be included as a higher education costfor those students enrolled on at least a half-time basis. Higher educationcosts shall not include any amounts in excess of those allowed by section529 of the Internal Revenue Code;(6) Institution of higher education means an institution describedin section 529 of the Internal Revenue Code which is eligible to participatein the United States Department of Education's student aid programs;(7) Nebraska educational savings plan trust means the trustcreated in section 85-1804;(8) Nebraska institution of higher education means an institutiondescribed in section 529 of the Internal Revenue Code which is eligible toparticipate in the United States Department of Education's student aid programand which is located in Nebraska;(9) Participant means an individual, an individual's legalrepresentative, or any other legal entity authorized to establish a savingsaccount under section 529 of the Internal Revenue Code who has entered intoa participation agreement for the advance payment of higher education costson behalf of a beneficiary;(10) Participation agreement means an agreement between aparticipant and the Nebraska educational savings plan trust entered into undersections 85-1801 to 85-1814;(11) Program fund means the College SavingsPlan Program Fund created in section 85-1807;(12) Refund penalty means the amount assessed by the StateTreasurer for cancellation of a participation agreement or other refund whichis not considered a de minimis penalty pursuant to section 529 of the InternalRevenue Code;(13) Section 529 of the Internal Revenue Code means such sectionof the code and the regulations interpreting such section, as such sectionand regulations existed on April 18, 2001; and(14) Tuition and fees means the quarter or semester chargesimposed to attend an institution of higher education and required as a conditionof enrollment. SourceLaws 2000, LB 1003, § 2; Laws 2001, LB 750, § 1; Laws 2010, LB197, § 3.Operative Date: July 1, 2010