2017 ORS 178.300¹
Definitions for ORS 178.300 to 178.355

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This section is amended
Effective June 2, 2018
Relating to connection to federal tax law; creating new provisions; amending ORS 178.300, 238A.005, 238A.125, 238A.150, 238A.170, 238A.230, 238A.370, 238A.400, 238A.410, 238A.415, 238A.430, 238A.435, 305.230, 305.494, 305.690, 305.842, 314.011, 314.306, 315.004, 316.012, 316.147, 316.157, 317.010, 317.097, 317.267, 458.670 and 657.010; repealing ORS 317.716 and 317.717; and prescribing an effective date.

As used in ORS 178.300 (Definitions for ORS 178.300 to 178.355) to 178.355 (Withdrawals from accounts for higher education expenses):

(1) “Account” means an individual account established in accordance with ORS 178.300 (Definitions for ORS 178.300 to 178.355) to 178.355 (Withdrawals from accounts for higher education expenses).

(2) “Account owner” means the person who has the right to withdraw funds from the account. The account owner may also be the designated beneficiary of the account.

(3) “Board” means the Oregon 529 Savings Board established under ORS 178.310 (Oregon 529 Savings Board).

(4) “Designated beneficiary” means, except as provided in ORS 178.350 (Designated beneficiary of account for higher education expenses), the individual designated at the time the account is opened as having the right to receive a qualified withdrawal for the payment of qualified higher education expenses, or if the designated beneficiary is replaced in accordance with ORS 178.350 (Designated beneficiary of account for higher education expenses), the replacement.

(5) “Financial institution” means a bank, a commercial bank, a national bank, a savings bank, a savings and loan, a thrift institution, a credit union, an insurance company, a trust company, a mutual fund, an investment firm or other similar entity authorized to do business in this state.

(6) “Higher education institution” means an eligible education institution as defined in section 529(e)(5) of the Internal Revenue Code.

(7) “Internal Revenue Code” means the federal Internal Revenue Code as amended and in effect on December 31, 2016.

(8) “Member of the family” shall have the same meaning as contained in section 529(e) of the Internal Revenue Code.

(9) “Network” means the Oregon 529 Savings Network established under ORS 178.305 (Oregon 529 Savings Network).

(10) “Nonqualified withdrawal” means a withdrawal from an account that is not a qualified withdrawal.

(11) “Qualified higher education expenses” means tuition and other permitted expenses as set forth in section 529(e) of the Internal Revenue Code for the enrollment or attendance of a designated beneficiary at a higher education institution.

(12) “Qualified withdrawal” means a withdrawal made as prescribed under ORS 178.355 (Withdrawals from accounts for higher education expenses) and made:

(a) From an account to pay the qualified higher education expenses of the designated beneficiary;

(b) As the result of the death or disability of the designated beneficiary;

(c) As the result of a scholarship, allowance or payment described in section 135(d)(1)(A), (B) or (C) of the Internal Revenue Code that is received by the designated beneficiary, but only to the extent of the amount of the scholarship, allowance or payment; or

(d) As a rollover or change in the designated beneficiary described in ORS 178.350 (Designated beneficiary of account for higher education expenses). [Formerly 348.841; 2016 c.33 §1; 2017 c.527 §1]

1 Legislative Counsel Committee, CHAPTER 178—State Treasurer; Oregon Retirement Savings Plan; Oregon 529 Savings Network, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ors178.­html (2017) (last ac­cessed Mar. 30, 2018).
 
2 OregonLaws.org contains the con­tents of Volume 21 of the ORS, inserted along­side the per­tin­ent statutes. See the preface to the ORS An­no­ta­tions for more information.
 
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent.