For the purposes of this article, the following terms have the following meanings:
(a) “Account” means a Scholarshare 529 account established pursuant to this article under Article 19 (commencing with Section 69980).
(b) “Beneficiary” has the same meaning as “designated beneficiary,” as provided in Section 529(e)(1) of the Internal Revenue Code.
(c) “Board” means the Scholarshare Investment Board created pursuant to Section 69984.
(d) “Fund” means the California Kids Investment and Development Savings Program Fund established pursuant to subdivision (a) of Section 69996.6.
(e) “Institution of higher education” has the same meaning as “eligible educational institution,” as provided in Section 529(e)(5) of the Internal Revenue Code.
(f) “Internal Revenue Code” means the Internal Revenue Code of 1986, as it is amended from time to time, if, as determined by the board, the amendment is consistent with the purposes of this article.
(g) “KIDS Account” means an account in which designated funding for eligible children is held.
(h) “Low-income households” means households with a total annual adjusted gross income less than seventy-five thousand dollars ($75,000) or households identified by the board by other means as low-income for purposes of the program.
(i) “Participant” means a parent or legal guardian of an eligible child, or a parent or legal guardian of a child described in subdivision (i) of Section 69996.3, or any private individual or entity who contributes moneys to the program.
(j) “Program” means the California Kids Investment and Development Savings Program established pursuant to this article.
(k) “Qualified higher education expenses” means the expenses of attendance at an institution of higher education, as provided in Section 529(e)(3) of the Internal Revenue Code. Notwithstanding Section 529(c)(7) of the Internal Revenue Code, “qualified higher education expenses” shall not include any tuition expenses in connection with enrollment or attendance at an elementary or secondary public, private, or religious school.
(l) “Seed deposit” means an initial contribution into a KIDS Account for a child born on or after July 1, 2020.
(Amended by Stats. 2019, Ch. 413, Sec. 11. (AB 114) Effective October 2, 2019.)
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