Title 37, Education

Any interest, dividends or gains accruing on the payments made pursuant to a prepaid tuition contract under the terms of this article shall be excluded from the gross income of any such payor or beneficiary for purposes of the Mississippi Income Tax Law. The payor may deduct from…

(a) In addition to any other requirements of this article the board of directors shall:(a) Make available summary information on the financial condition of the trust fund to all purchasers of prepaid college tuition contracts;(b) Prepare, or cause to be prepared, an annual accoun…

(1) The board shall furnish without charge to each purchaser an annual statement of:(a) The amount paid by the purchaser under the prepaid tuition contract;(b) The number of years originally covered by the contract;(c) The number of years remaining under the contract; and(d) Any …

(a) This article is not a promise or guarantee that the beneficiary will be:(a) Admitted to any institution of higher education;(b) Admitted to a particular institution of higher education after admission;(c) Allowed to continue enrollment at an institution of higher education; o…

The state shall agree to meet the obligations of the board to beneficiaries if monies in the fund fail to offset the obligations of the board. If there is not enough money in the fund to pay the tuition and required fees of the institution of higher education in which a beneficia…

The provisions of this article are severable. If any part of this article is declared invalid or unconstitutional, such declaration shall not affect the part which remains.

(a) The Legislature hereby finds and declares as follows:(a) Tuition and required fees at institutions of higher education are difficult for many to afford and difficult to predict. As a result, the ability of individuals and families to plan for future educational expenses has b…

(a) Prepaid Tuition Contract. — As used in this article, the following terms have the meanings ascribed to them in this section, unless the context clearly indicates otherwise:(a) Prepaid Tuition Contract. — A contract entered into between the Board of Directors of the College Sa…

(1) The board of directors shall consist of thirteen (13) members as follows:(a) Nine (9) voting members as follows: the State Treasurer; the Commissioner of Higher Education, or his designee; the Executive Director of the Community and Junior College Board, or his designee; the …

(a) In addition to the powers granted by any other provision of this article, the board of directors shall have the powers necessary or convenient to carry out the purposes and provisions of this article, the purposes and objectives of the trust fund and the powers delegated by a…

This article shall be known and may be cited as the “Mississippi Affordable College Savings Program.”

(a) The following are the purposes of this article:(a) To provide a program of savings trust agreements to apply distributions toward qualified higher education expenses at eligible educational institutions, as defined in Section 529 of the Internal Revenue Code, as amended, or o…

(a) As used in this article, the following words and phrases have the meanings ascribed in this section unless the context clearly indicates otherwise:(a) “MACS Program” means the Mississippi Affordable College Savings Program established under this article.(b) “MACS Trust Fund” …

(a) In addition to those powers granted to the board by Sections 37-155-1 through 37-155-27 and any other provisions of this article, the board shall have the powers necessary or convenient to carry out the purposes and provisions of this article, the purposes and objectives of t…

(1) The board shall make savings trust agreements available to the public, under which account owners or other payors may make contributions on behalf of qualified beneficiaries. Contributions and investment earnings on the contributions may be used for any qualified higher educa…

(1) There is created a Mississippi Affordable College Savings Trust Fund as an instrumentality of the state to be administered by the Treasury Department. The MACS Trust Fund shall consist of state appropriations, monies acquired from other governmental or private sources and mon…

(1) All property and income of the MACS Trust Fund, as an instrumentality of the state, is exempt from all taxation by the state and by its political subdivisions. (2) Any contributor or payor to a MACS Program account may deduct from their Mississippi taxable income any contribu…

(1) The board has authority to establish a comprehensive investment plan for the purposes of this article, to invest any funds of the MACS Trust Fund in any instrument, obligation, security or property that constitutes legal investments for public funds in the state, and to name …

(1) The board shall furnish, without charge, to each account owner an annual statement of the following:(a) The amount contributed by the account owner under the savings trust agreement;(b) The annual earnings and accumulated earnings on the savings trust account; and(c) Any othe…

(a) This article is not a promise or guarantee that the beneficiary will be:(a) Admitted to any institution of higher education;(b) Admitted to a particular institution of higher education after admission;(c) Allowed to continue enrollment at an institution of higher education; o…

Nothing in this article or in any savings trust agreement entered into pursuant to this article shall be construed as a promise or guarantee by the state or any agency or instrumentality of the state that either qualified higher education expenses in general or any specific quali…

Notwithstanding any state law to the contrary, no monies on deposit in either the MACS or MPACT Programs shall be considered an asset of the parent, guardian or student for purposes of determining an individual’s eligibility for a need-based grant, need-based scholarship or need-…

The provisions of this article are severable. If any part of this article is declared invalid or unconstitutional, such declaration shall not affect the parts of this article which remain.