![]() (ii) in the case of a program established and maintained by a State or agency or instrumentality thereof, may make contributions to an account which is established for the purpose of meeting the qualified higher education expenses of the designated beneficiary of the account, and (i) may purchase tuition credits or certificates on behalf of a designated beneficiary which entitle the beneficiary to the waiver or payment of qualified higher education expenses of the beneficiary, or ![]() The term "qualified tuition program" means a program established and maintained by a State or agency or instrumentality thereof or by 1 or more eligible educational institutions. (b) Qualified tuition programįor purposes of this section- (1) In general Notwithstanding the preceding sentence, such program shall be subject to the taxes imposed by section 511 (relating to imposition of tax on unrelated business income of charitable organizations). Qualified tuition programs (a) General ruleĪ qualified tuition program shall be exempt from taxation under this subtitle. Jump To: Source Credit Miscellaneous References In Text Amendments Effective Date §529.
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