Title 47 — Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title]

For the purposes of this chapter, the term: (1) “Account” means a college savings account established under § 47-4503. (2) “Account owner” means the individual or organization who enters into a college savings agreement under this chapter establishing an account. The account owne…

There is established the District of Columbia College Savings Program, which authorizes the creation of college savings accounts to enable residents of the District of Columbia to benefit from the tax incentives provided for qualified tuition programs under the Internal Revenue C…

(a) An account may be established by any person who desires to save money for the payment of qualified higher education expenses of a designated beneficiary by entering into a college savings agreement. An account shall not be held jointly. (b) An application for an account shall…

Repealed [Repealed].

(a) The Chief Financial Officer shall take such action as may be necessary to effectuate the Trust, issue regulations with respect to the Program, and in connection therewith, the Trust, and otherwise initiate the implementation and administration of the Program consistent with t…

(a) The Chief Financial Officer shall implement the Program through use of one or more financial organizations as account depositories and managers. Under the Program, individuals may establish accounts directly with an account depository. (b) The Chief Financial Officer shall so…

(a) Nothing in this chapter shall be construed to: (1) Confer upon a designated beneficiary rights or legal interest with respect to an account unless the designated beneficiary is the account owner; (2) Guarantee that a designated beneficiary will be admitted to an institution o…

Repealed Repealed.

(a) An account owner who files an income tax return in the District of Columbia may claim a deduction in an annual amount not to exceed $4,000 for contributions made to all accounts under the Program. With respect to married individuals (or domestic partners registered under § 32…

A person may not attach, execute, garnish, or otherwise seize a current or future benefit under a higher education tuition savings account or an asset of the Program.

The District of Columbia and its agencies may agree, by contract or otherwise, to remit payments on behalf of an employee to an account through payroll deductions.

(a) The Mayor shall audit the Program annually. (b)(1) Within 90 days after the close of each fiscal year, the Chief Financial Officer shall submit to the Council a report, which shall include: (A) The Mayor’s audit report for the year; (B) A financial accounting of the Program, …