West Virginia Code 18-30A-11 – Distributions
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(a) A distribution from a Jumpstart Savings Account that was used to pay for qualified expenses is not subject to the increasing income tax modification provided in §11-21-12m(c) of this code.
Terms Used In West Virginia Code 18-30A-11
- Beneficiary: means the person designated as a beneficiary at the time an account is established, or the individual designated as the beneficiary when the beneficiary is changed. See West Virginia Code 18-30A-3
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- board: means the Board of Trustees of the West Virginia College and Jumpstart Savings Programs created in §. See West Virginia Code 18-30A-3
- Distribution: means any disbursement from an account. See West Virginia Code 18-30A-3
(b) A change in the designated beneficiary of a Jumpstart Savings Account is not a distribution for the purposes of this article or § 11-21-1 et seq. of this code if the new beneficiary is a family member of the prior beneficiary.
(c) Pursuant to the rule-making authority provided in this article, the board shall promulgate rules specifying the expenditures that constitute qualified expenses, according to §18-30A-3(a)(11)(D) of this code.