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7 LONG TITLE
8 General Description:
9 This bill modifies provisions of the Student Prosperity Savings Program.
10 Highlighted Provisions:
11 This bill:
12 ▸ modifies the definition of an eligible individual as part of the Student Prosperity
13 Savings Program; and
14 ▸ makes technical changes.
15 Money Appropriated in this Bill:
16 None
17 Other Special Clauses:
18 None
19 Utah Code Sections Affected:
20 AMENDS:
21 53B-8a-201, as enacted by Laws of Utah 2017, Chapter 389 and last amended by
22 Coordination Clause, Laws of Utah 2017, Chapter 382
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24 Be it enacted by the Legislature of the state of Utah:
25 Section 1. Section 53B-8a-201 is amended to read:
26 53B-8a-201. Definitions.
27 As used in this part:
28 (1) "529 savings account" means a tax-advantaged method of saving for higher
29 education costs on behalf of a particular individual that:
30 (a) meets the requirements of Section 529, Internal Revenue Code; and
31 (b) is managed by the plan.
32 (2) "Child" means an individual less than 20 years of age.
33 (3) "Community partner" means a nonprofit organization that provide services to a
34 child who is economically disadvantaged or a family member, legal guardian, or legal
35 custodian of a child who is economically disadvantaged.
36 (4) "Donation" means a gift, grant, donation, or any other conveyance of money by a
37 person other than the Legislature that is not made directly for the benefit or on behalf of a
38 particular individual.
39 (5) "Economically disadvantaged" means that a child is:
40 (a) experiencing intergenerational poverty;
41 (b) a member or foster child of a family with an annual income at or below 185% of
42 the federal poverty level; or
43 (c) living with a legal custodian or legal guardian with an annual family income at or
44 below 185% of the federal poverty level.
45 (6) "Eligible individual" means an individual who:
46 (a) is at least [
47 (b) is a student in grade [
48 (c) is economically disadvantaged; and
49 (d) receives, or has a family member, a foster family member, or a legal custodian or
50 legal guardian who receives, services from a community partner.
51 (7) "Federal poverty level" means the poverty level as defined by the most recently
52 revised poverty income guidelines published by the United States Department of Health and
53 Human Services in the Federal Register.
54 (8) "Higher education costs" means the same as that term is defined in Section
55 53B-8a-102.5, except that the expenses must be incurred at:
56 (a) a credit-granting institution of higher education within the state system of higher
57 education;
58 (b) a private, nonprofit college or university in the state that is accredited by the
59 Northwestern Association of Schools and Colleges; or
60 (c) a technical college.
61 (9) "Intergenerational poverty" means the same as that term is defined in Section
62 35A-9-102.
63 (10) "Program" means the Student Prosperity Savings Program created in Section
64 53B-8a-202.
Legislative Review Note
Office of Legislative Research and General Counsel