§ 6-09-38 — North Dakota higher education savings plan - Administration - Rules - Continuing appropriation

North Dakota § 6-09-38

• Jurisdiction: North Dakota
• Title 6: Banks and Banking
• Ch. 6-09: The Bank of North Dakota

Text

Continuing appropriation.
The Bank of North Dakota shall adopt rules to administer, manage, promote, and market a
North Dakota higher education savings plan. The Bank shall ensure that the North Dakota
higher education savings plan is maintained in compliance with internal revenue service
standards for qualified state tuition programs. The Bank, as trustee of the North Dakota higher
education savings plan, may impose an annual administrative fee to recover expenses incurred
in connection with operation of the plan, support the functions of the Bank related to the
educational mission of the Bank, or defray the expenses of education as defined by section 529
of the Internal Revenue Code of 1986 [26 U.S.C. 529]. Administrative fees received by the Bank
are appropriated on a continuing basis to be used as provided in this section. Contributions
made during the taxable year to a higher education savings plan administered by the Bank,
pursuant to the provisions of the plan, are eligible for an income tax deduction as provided in
chapter 57-38. Information related to contributions is confidential except as is needed by the tax
commissioner for determining compliance with the income tax deduction provided in chapter
57-38.