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8 LONG TITLE
9 General Description:
10 This bill modifies provisions of the Student Prosperity Savings Program.
11 Highlighted Provisions:
12 This bill:
13 ▸ modifies the definition of an individual as part of the Student Prosperity Savings
14 Program; and
15 ▸ makes technical changes.
16 Money Appropriated in this Bill:
17 This bill appropriates in fiscal year 2019:
18 ▸ to the Board of Regents -- Administration, as a one-time appropriation:
19 • from the General Fund, $100,000.
20 Other Special Clauses:
21 None
22 Utah Code Sections Affected:
23 AMENDS:
24 53B-8a-201, as enacted by Laws of Utah 2017, Chapter 389 and last amended by
25 Coordination Clause, Laws of Utah 2017, Chapter 382
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27 Be it enacted by the Legislature of the state of Utah:
28 Section 1. Section 53B-8a-201 is amended to read:
29 53B-8a-201. Definitions.
30 As used in this part:
31 (1) "529 savings account" means a tax-advantaged method of saving for higher
32 education costs on behalf of a particular individual that:
33 (a) meets the requirements of Section 529, Internal Revenue Code; and
34 (b) is managed by the plan.
35 (2) "Child" means an individual less than 20 years of age.
36 (3) "Community partner" means a nonprofit organization that provide services to a
37 child who is economically disadvantaged or a family member, legal guardian, or legal
38 custodian of a child who is economically disadvantaged.
39 (4) "Donation" means a gift, grant, donation, or any other conveyance of money by a
40 person other than the Legislature that is not made directly for the benefit or on behalf of a
41 particular individual.
42 (5) "Economically disadvantaged" means that a child is:
43 (a) experiencing intergenerational poverty;
44 (b) a member or foster child of a family with an annual income at or below 185% of
45 the federal poverty level; or
46 (c) living with a legal custodian or legal guardian with an annual family income at or
47 below 185% of the federal poverty level.
48 (6) "Eligible individual" means an individual who:
49 (a) is [
50 [
51 [
52 [
53 or legal guardian who receives, services from a community partner.
54 (7) "Federal poverty level" means the poverty level as defined by the most recently
55 revised poverty income guidelines published by the United States Department of Health and
56 Human Services in the Federal Register.
57 (8) "Higher education costs" means the same as that term is defined in Section
58 53B-8a-102.5, except that the expenses must be incurred at:
59 (a) a credit-granting institution of higher education within the state system of higher
60 education;
61 (b) a private, nonprofit college or university in the state that is accredited by the
62 Northwestern Association of Schools and Colleges; or
63 (c) a technical college.
64 (9) "Intergenerational poverty" means the same as that term is defined in Section
65 35A-9-102.
66 (10) "Program" means the Student Prosperity Savings Program created in Section
67 53B-8a-202.
68 Section 2. Appropriation.
69 The following sums of money are appropriated for the fiscal year beginning July 1,
70 2018, and ending June 30, 2019. These are additions to amounts previously appropriated for
71 fiscal year 2019. Under the terms and conditions of Title 63J, Chapter 1, Budgetary Procedures
72 Act, the Legislature appropriates the following sums of money from the funds or accounts
73 indicated for the use and support of the government of the state of Utah.
74 To the Board of Regents
75 From General Fund, One-time
$100,000
76 Schedule of Programs:
77 Administration $100,000
78 The Legislature intends that the Board of Regents use the appropriation under this
79 section to carry out the program described in Title 53B, Chapter 8a, Part 2, Student Prosperity
80 Savings Program.