15-1876. Higher education expenses; exemption
from taxation


Notwithstanding any other law, the amount of any distribution to a designated
beneficiary, as defined in section 529(e)(1) of the internal revenue code, from an
individual trust account or savings account established under this article is exempt from
taxation under title 43 but only to the extent that this income is used to pay qualified
higher education expenses of the designated beneficiary.