164A.370 Tax exemption. The property of the trust and its income from operations shall be exempt from all taxation <br>by the Commonwealth of Kentucky or any of its political subdivisions. Investment <br>income earned on contributions paid by any participant and used for higher education <br>costs defined in KRS 164A.305(6) or refunded under KRS 164A.350(8)(a) or (b) shall <br>not be subject to Kentucky income tax by either a participant or any beneficiary of a <br>participation agreement, the purposes for which the investment income was accrued being <br>deemed and declared to be entirely public in nature. Earnings that are not used for higher <br>education costs as defined in KRS 164A.305(6) and are refunded shall be subject to <br>Kentucky income tax, except for earnings refunded pursuant to KRS 164A.350(8)(a) or <br>(b). Effective: June 24, 2003 <br>History: Amended 2003 Ky. Acts ch. 150, sec. 2, effective June 24, 2003; and ch. 180, sec. 6, effective June 24, 2003. -- Amended 2000 Ky. Acts ch. 382, sec. 9, effective <br>July 14, 2000. -- Created 1988 Ky. Acts ch. 88, sec. 15, effective July 15, 1988. Legislative Research Commission Note (6/24/2003). This section was amended by 2003 Ky. Acts chs. 150 and 180, which do not appear to be in conflict and have been <br>codified together.
164A.370 Tax exemption. The property of the trust and its income from operations shall be exempt from all taxation <br>by the Commonwealth of Kentucky or any of its political subdivisions. Investment <br>income earned on contributions paid by any participant and used for higher education <br>costs defined in KRS 164A.305(6) or refunded under KRS 164A.350(8)(a) or (b) shall <br>not be subject to Kentucky income tax by either a participant or any beneficiary of a <br>participation agreement, the purposes for which the investment income was accrued being <br>deemed and declared to be entirely public in nature. Earnings that are not used for higher <br>education costs as defined in KRS 164A.305(6) and are refunded shall be subject to <br>Kentucky income tax, except for earnings refunded pursuant to KRS 164A.350(8)(a) or <br>(b). Effective: June 24, 2003 <br>History: Amended 2003 Ky. Acts ch. 150, sec. 2, effective June 24, 2003; and ch. 180, sec. 6, effective June 24, 2003. -- Amended 2000 Ky. Acts ch. 382, sec. 9, effective <br>July 14, 2000. -- Created 1988 Ky. Acts ch. 88, sec. 15, effective July 15, 1988. Legislative Research Commission Note (6/24/2003). This section was amended by 2003 Ky. Acts chs. 150 and 180, which do not appear to be in conflict and have been <br>codified together.
164A.370 Tax exemption. The property of the trust and its income from operations shall be exempt from all taxation <br>by the Commonwealth of Kentucky or any of its political subdivisions. Investment <br>income earned on contributions paid by any participant and used for higher education <br>costs defined in KRS 164A.305(6) or refunded under KRS 164A.350(8)(a) or (b) shall <br>not be subject to Kentucky income tax by either a participant or any beneficiary of a <br>participation agreement, the purposes for which the investment income was accrued being <br>deemed and declared to be entirely public in nature. Earnings that are not used for higher <br>education costs as defined in KRS 164A.305(6) and are refunded shall be subject to <br>Kentucky income tax, except for earnings refunded pursuant to KRS 164A.350(8)(a) or <br>(b). Effective: June 24, 2003 <br>History: Amended 2003 Ky. Acts ch. 150, sec. 2, effective June 24, 2003; and ch. 180, sec. 6, effective June 24, 2003. -- Amended 2000 Ky. Acts ch. 382, sec. 9, effective <br>July 14, 2000. -- Created 1988 Ky. Acts ch. 88, sec. 15, effective July 15, 1988. Legislative Research Commission Note (6/24/2003). This section was amended by 2003 Ky. Acts chs. 150 and 180, which do not appear to be in conflict and have been <br>codified together.
