Mississippi Code Title 37. Education § 37-155-105

(a) “MACS Program” means the Mississippi Affordable College Savings Program established under this article.

(b) “MACS Trust Fund” means a special fund in the State Treasury established under Section 37-155-111, and administered by the Treasury Department.

(c) “Account owner” means a resident or nonresident person, corporation, trust, charitable organization or other entity which contributes to or invests money in a savings trust account under the MACS Program on behalf of a beneficiary and which is listed as the owner of the savings trust account.

(d) “Beneficiary” means a resident or nonresident beneficiary of a savings trust agreement who meets the requirements of Section 529 of the Internal Revenue Code of 1986, as amended, or other applicable federal law, and any regulations established by the board.

(e) “Institution of higher education” means an eligible educational institution as defined in Section 529 of the Internal Revenue Code of 1986, as amended, or any other applicable federal law.

(f) “Tuition” means the quarter, semester or term charges and all required fees imposed by an institution of higher education as a condition of enrollment by all students.

(g) “Board” means the Board of Directors of the College Savings Plans of Mississippi Trust Funds established under Section 37-155-7.

(h) “Payor” means a person, corporation, trust, charitable organization or other such entity which contributes money or makes a payment to either a savings trust account established pursuant to this article or a prepaid tuition account established under Sections 37-155-1 through 37-155-27 on behalf of a beneficiary.

(i) “Savings trust account” means an account established by an account owner pursuant to this article on behalf of a beneficiary in order to apply distributions from the account toward qualified higher education expenses at eligible educational institutions, as defined in Section 529 of the Internal Revenue Code of 1986, as amended, or other applicable federal law.

(j) “Savings trust agreement” means the agreement entered into between the board and the account owner establishing a savings trust account.

(k) “Qualified higher education expense” means any higher education expense, as defined in Section 529 of the Internal Revenue Code of 1986, as amended, or other applicable federal law.

(l) “Qualified withdrawal” means a withdrawal by an account owner or beneficiary for qualified higher education expenses or as otherwise permitted under Section 529 of the Internal Revenue Code of 1986, as amended, without a penalty required under the Internal Revenue Code.