Utah Code 35A-9-602. Education Savings Incentive Restricted Account

Effective 7/1/2023

35A-9-602. Education Savings Incentive Restricted Account.

(1)	There is created a restricted account within the Income Tax Fund to be known as the Education Savings Incentive Restricted Account.

Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
Department: means the Department of Workforce Services created in Section 35A-1-103. See Utah Code 35A-1-102
Program: means the Education Savings Incentive Program created in Section 35A-9-603. See Utah Code 35A-9-601
State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5

(2)	The department shall administer the restricted account for the purposes described in this part.

(3)	The state treasurer shall invest the money in the restricted account according to the procedures and requirements of Title 51, Chapter 7, State Money Management Act, except that interest and other earnings derived from the restricted account shall be deposited into the restricted account.

(4)

The restricted account shall be funded by:

(a)	appropriations made to the account by the Legislature; and

(b)	private donations, grants, gifts, bequests, or money made available from any other source to implement this part.

(5)

Subject to appropriation, the department:

(a)	shall use restricted account money for the program; and

(b)	may use a portion of the restricted account money for administration of the program.

Enacted by Chapter 52, 2023 General Session