1. (1) "529 Account Beneficiary" means the individual designated:

   1. (a) in a 529 savings account agreement between a person, an estate, or a trust and the plan; and
   2. (b) to benefit from the amount saved in the 529 savings account.
2. (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. (3) "Application" means the electronic application provided by the Department to be completed by the 529 Account Owner.
4. (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. (5) "Department" means the Department of Workforce Services, the funding authority administering the restricted account established for the ESI program.
6. (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. (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.

In addition to the definitions in Section 35A-9-601, the following definitions apply to this rule:

KEY: education savings incentive, intergenerational poverty

Date of Last Change: January 2, 2024

Authorizing, and Implemented or Interpreted Law: 35A-9-603(4)