N.J. Admin. Code § 9A:10-7.14

Current through Register Vol. 56, No. 11, June 3, 2024

Section 9A:10-7.14 - Exclusion from New Jersey gross income

(a) Gross income shall not include the earnings on or qualified distribution from an individual trust account or savings account established under the NJBEST Program.

(b) "Qualified distribution" is defined in accordance with 54A:6-25(c)(3) as follows:

1. A distribution from a qualified state tuition program account that is used for qualified higher education expenses as defined pursuant to section 529(e)(3) of the Federal Internal Revenue Code of 1986, 26 U.S.C. § 529;

2. A rollover from one qualified tuition program account to another qualified tuition program account as described in section 529(c)(3)(C)(i) or section 530(d)(5) of the Federal Internal Revenue Code of 1986, 26 U.S.C. § 529 or § 530; or

3. A change in designated beneficiaries of an account as prescribed in section 529(c)(3)(C)(ii) or section 530(d)(6) of the Federal Internal Revenue Code of 1986, 26 U.S.C. § 529 or § 530.

N.J. Admin. Code § 9A:10-7.14

Recodified from N.J.A.C. 9A:10-7.11 by R.2002 d.289, effective 9/3/2002.
See: 33 New Jersey Register 4053(a), 34 New Jersey Register 3086(a).
Former N.J.A.C. 9A:10-7.14, Statement on contracts and applications, recodified to N.J.A.C. 9A:10-7.17.
Amended by R.2003 d.343, effective 8/18/2003.
See: 35 New Jersey Register 1483(a), 35 New Jersey Register 3828(b).
In (a), inserted "qualified" preceding "distribution"; rewrote (b).