                                 CODE OF VIRGINIA

DEFINITIONS (§ 23.1-700)

As used in this chapter, unless the context requires a different meaning:
		&#8220;ABLE savings trust account&#8221; means an account established pursuant
to this chapter to assist individuals and families to save private funds to
support individuals with disabilities to maintain health, independence, and
quality of life, with such account used to apply distributions for qualified
disability expenses for an eligible individual, as both such terms are defined
in § 529A of the Internal Revenue Code of 1986, as amended, or other applicable
federal law.
		&#8220;Board&#8221; means the governing board of the Plan.
		&#8220;College savings trust account&#8221; means an account established
pursuant to this chapter to assist individuals and families to enhance the
accessibility and affordability of higher education, with such account used to
apply distributions from the account toward qualified higher education expenses,
as that term is defined in § 529 of the Internal Revenue Code of 1986, as
amended, or other applicable federal law.
		&#8220;Contributor&#8221; means a person who contributes money to a savings
trust account established pursuant to this chapter on behalf of a qualified
beneficiary and who is listed as the owner of the savings trust account.
		&#8220;Non-Virginia public and accredited nonprofit independent or private
institutions of higher education&#8221; means public and accredited nonprofit
independent or private institutions of higher education that are located outside
the Commonwealth.
		&#8220;Plan&#8221; means the Commonwealth Savers Plan.
		&#8220;Prepaid tuition contract&#8221; means the contract or account entered
into by the board and a purchaser pursuant to this chapter for the advance
payment of tuition at a fixed, guaranteed level for a qualified beneficiary to
attend any public institution of higher education to which the qualified
beneficiary is admitted.
		&#8220;Public institution of higher education&#8221; has the same meaning as
provided in § 23.1-100.
		&#8220;Purchaser&#8221; means a person who makes or is obligated to make
advance payments in accordance with a prepaid tuition contract and who is listed
as the owner of the prepaid tuition contract.
		&#8220;Qualified beneficiary&#8221; or &#8220;beneficiary&#8221; means (i) a
resident of the Commonwealth, as determined by the board, who is the beneficiary
of a prepaid tuition contract and who may apply advance tuition payments to
tuition as set forth in this chapter; (ii) a beneficiary of a prepaid tuition
contract purchased by a resident of the Commonwealth, as determined by the
board, who may apply advance tuition payments to tuition as set forth in this
chapter; or (iii) a beneficiary of a savings trust account established pursuant
to this chapter.
		&#8220;Savings trust account&#8221; means an ABLE savings trust account or a
college savings trust account.
		&#8220;Savings trust agreement&#8221; means the agreement entered into by the
board and a contributor that establishes a savings trust account.
		&#8220;Tuition&#8221; means the quarter, semester, or term charges imposed for
undergraduate tuition by any public institution of higher education and all
mandatory fees required as a condition of enrollment of all students. At the
discretion of the board, a beneficiary may apply benefits under a prepaid
tuition contract and distributions from a college savings trust account (i)
toward graduate-level tuition and (ii) toward qualified higher education
expenses, as that term is defined in 26 U.S.C. § 529 or any other applicable
section of the Internal Revenue Code of 1986, as amended.

HISTORY: 1994, c. 661, § 23-38.75; 1997, cc. 785, 861; 1998, cc. 61, 85; 1999,
cc. 485, 518; 2000, cc. 382, 400; 2015, cc. 227, 311; 2016, c. 588; 2019, cc.
803, 804; 2024, c. 217.