Section 1700-05-03-.02 - ELIGIBILITY REQUIREMENTS(1) The Purchaser must file an application for the Matching contribution in accordance with Rule 1700-05-03-.03 during the applicable Qualifying period.(2) The Purchaser must have an Account with the Eligible college savings program pursuant to the rules contained in Chapter 1700-05-04 Educational Savings Plan for the Beneficiary listed on the application on the date the application is filed with the Board and on the date the Matching contribution is deposited into the Account.(3) An amount equal to or greater than the Minimum contribution established in Rule 1700-05-03-.07 must have been contributed to the Account during the Qualifying period.(4) The Purchaser and the Beneficiary of the Account must be Tennessee residents at the time the application is filed with the Board.(5) The Beneficiary must be less than age fifteen (15) at the time the application is filed with the Board;(6) The Purchaser must be a Member of the family of the Beneficiary.(7) In addition to the eligibility requirements contained in paragraphs (1) through (6) of this rule, Purchasers who are applying to participate in the Matching grant incentive program are required to meet the income limits established by the Board for the Purchaser's Household in order to receive the matching contribution. In addition, the Purchaser shall not be claimed as a dependent on someone else's income tax return. The Board shall establish the income limits based on income standards that may be amended from time to time, including, but not limited to the following:(a) Federal poverty guidelines;(b) Federal poverty thresholds;(c) Federal Income Eligibility Guidelines for free and reduced meals; and/or(d) Federal Department of Health and Human Services poverty guidelines.(8) The Board shall consider factors in determining which standard will be used to establish the income limits for eligibility in the Matching grant incentive program, which include, but are not limited to, any or all of the following:(a) The amount of fund appropriations;(b) The number of program Purchasers; and/or(c) The anticipated participation level in the program.Tenn. Comp. R. & Regs. 1700-05-03-.02
Original rule filed October 1, 2010; effective March 31, 2011. Repeal and new rule filed April 11, 2014; effective September 28, 2014. Amendment filed April 17, 2017; effective 7/16/2017.Authority: Chapter 359 of the 2013 Public Acts codified in T.C.A. §§ 49-7-805, 49-7-808(d), and 65-5-113(c).