Miss. Code Ann. § 37-155-105: Miss. Code Ann. § 37-155-105

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 ” means a special fund in the State Treasury established under Section 37-155-111 , and administered by the Treasury Department.

(c) “ Account owner ” means a resident or nonresident person, corporation, trust, charitable organization or other entity which contributes to or invests money in a savings trust account under the MACS Program on behalf of a beneficiary and which is listed as the owner of the savings trust account.

(d) “ Beneficiary ” means a resident or nonresident beneficiary of a savings trust agreement who meets the requirements of Section 529 of the Internal Revenue Code of 1986 , as amended, or other applicable federal law, and any regulations established by the board.

(e) “ Institution of higher education ” means an eligible educational institution as defined in Section 529 of the Internal Revenue Code of 1986 , as amended, or any other applicable federal law.

(f) “ Tuition ” means the quarter, semester or term charges and all required fees imposed by an institution of higher education as a condition of enrollment by all students.

(g) “ Board ” means the Board of Directors of the College Savings Plans of Mississippi Trust Funds established under Section 37-155-7 .

(h) “ Payor ” means a person, corporation, trust, charitable organization or other such entity which contributes money or makes a payment to either a savings trust account established pursuant to this article or a prepaid tuition account established under Sections 37-155-1 through 37-155-27 on behalf of a beneficiary.

(i) “ Savings trust account ” means an account established by an account owner pursuant to this article on behalf of a beneficiary in order to apply distributions from the account toward qualified higher education expenses at eligible educational institutions, as defined in Section 529 of the Internal Revenue Code of 1986 , as amended, or other applicable federal law.

(j) “ Savings trust agreement ” means the agreement entered into between the board and the account owner establishing a savings trust account.

(k) “ Qualified higher education expense ” means any higher education expense, as defined in Section 529 of the Internal Revenue Code of 1986 , as amended, or other applicable federal law.

( l ) “ Qualified withdrawal ” means a withdrawal by an account owner or beneficiary for qualified higher education expenses or as otherwise permitted under Section 529 of the Internal Revenue Code of 1986 , as amended, without a penalty required under the Internal Revenue Code.