The director shall solicit answers to applicable ruling requests from the Internal Revenue Service regarding the tax status of fees paid pursuant to a prepaid tuition contract to the contributor and to the designated beneficiary and from the Securities and Exchange Commission regarding the application of federal securities laws to the program. The director shall make the status of these requests known to the board. In accordance with applicable law or Internal Revenue Service ruling, the board shall structure the program in order to allow for federal tax deferral on contributions to the fund.
HISTORY: 1997 Act No. 155, Part II, Section 4A.
Structure South Carolina Code of Laws
Chapter 4 - South Carolina Tuition Prepayment Program
Section 59-4-10. Short title; purpose.
Section 59-4-50. Undertakings payable solely from fund monies.
Section 59-4-60. Cooperation and assistance from state entities.
Section 59-4-65. Discontinuing fund; contributor refunds and deficiencies.
Section 59-4-70. Annual financial report.
Section 59-4-80. Application of Internal Revenue Service rulings.
Section 59-4-90. Payroll deductions.
Section 59-4-110. New participants prohibited.
Section 59-4-120. Tuition increase above seven percent prohibited for participating institutions.