Tenn. Comp. R. & Regs. 1700-05-03-.03 - APPLICATION FOR MATCHING CONTRIBUTION

(1) A Purchaser must file an application for the Matching contribution on a form as prescribed by the Board. The application must include the following information:

(a) The name and address of the Beneficiary;

(b) The name and address of the Purchaser;

(c) The relationship of the Purchaser to the Beneficiary;

(d) The sex and date of birth of the Beneficiary;

(e) The Purchaser's Household income;

(f) Authorization from the Purchaser for the Board to verify with the Eligible college savings program that all the requirements set forth in these Rules have been met for purposes of qualifying for the Matching contribution; and

(g) Such other information as the Board may require.

(2) The application must be filed with the Board during the applicable Qualifying period and will be processed on a first come, first serve basis based on the amount of funds appropriated by the General Assembly.

(3) In addition to the application requirements contained in paragraphs (1) and (2) of this rule, a Purchaser who is applying to participate in the Matching grant incentive program and receive the Matching contribution shall provide the Board with the following:

(a) A copy of the federal income tax returns for the Purchaser and for each individual residing in the Purchaser's Household who is required to file an income tax return, for the tax year immediately preceding the year that the Beneficiary account is being established by the Purchaser;

(b) A copy of all W-2, W-4 and 1099 Forms that accompany each tax return in (a);

(c) A statement from the Purchaser or a member of the Purchaser's Household indicating why he/she is not required to file a federal tax return, in the event that the Purchaser or a member of the Purchaser's Household was not required to file a tax return for the tax year preceding the Purchaser's date of application;

(d) Authorizations executed by the Purchaser and the members of the Purchaser's Household allowing the Board to verify the federal adjusted gross income for the Purchaser and all individuals residing in that Household; and

(e) Such other and further documentation required by the Board.

(4) Subsequent to a Purchaser's initial application to participate in the Matching grant incentive program, and for each subsequent Qualifying period, the Purchaser shall reapply to participate in the Matching grant incentive program by submitting an application and providing the information requested in paragraph (3) of this rule to the Board to ensure the Purchaser's continued eligibility to participate in this program. In the event that the Purchaser becomes ineligible to continue participating in the Matching grant incentive program and to continue receiving the Matching contribution for any Beneficiary accounts, the Purchaser shall be able to continue making contributions to the Purchaser's §529 college savings account but will not receive the Matching contribution for that year or any other subsequent year that the Purchaser does not qualify.

Notes

Tenn. Comp. R. & Regs. 1700-05-03-.03

Original rule filed October 1, 2010; effective March 31, 2011. Amendments filed April 11, 2014; effective 9/28/2014.

Authority: Chapter 359 of the 2013 Public Acts codified in T.C.A. § 49-7-808(d), § 49-7-805 and § 65-5-113(c), and T.C.A. §§ 49-7-805(16), and 49-7-805(4).