Missouri Code of State Regulations › Title 15 - ELECTED OFFICIALS › Division 50 - Treasurer › Chapter 5 - Missouri Empowerment Scholarship Accounts Program › Section 15 CSR 50-5.020 - Missouri Empowerment Scholarship Accounts Program

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule establishes procedures for the
				  operation of the Missouri Empowerment Scholarship Accounts Program (the
				  program), specifies responsibilities of the treasurer in administering and
				  monitoring the program, describes the rights and responsibilities of the
				  treasurer, his or her staff, educational assistance organizations, parents,
				  beneficiaries, and any third party designated by the treasurer to carry out
				  services under the program, and is intended to ensure the program conforms with
				  federal and state statutes and regulations.
(1) Definitions.
(A) Existing Missouri Definitions. The
				following terms, as used in this rule, are defined in section
				135.712,
				RSMo: educational assistance organization, parent, program, scholarship
				account, taxpayer. The following terms, as used in this rule, are defined in
				section
				166.700, RSMo:
				curriculum, district, private school, qualified school, qualified student. The
				following term, as used in this rule, is defined in section
				135.715,
				RSMo: qualifying contribution.
(B)
				Additional Definitions. The following definitions shall also apply to the
				following terms as they are used in this rule:
1. "501(c)(3) organization" means an
				organization described in section 501(c)(3) of the
Internal Revenue
				Code
and exempt from taxation under section 501(a) of the
Internal Revenue Code
;
2. "Ownership" means the authority to act on
				behalf of the qualified student and make decisions regarding the qualified
				student's scholarship account;
3.
				"Parent" means a parent, as that term is defined in section 135.712.2(2), RSMo,
				who has entered into a written participation agreement with an educational
				assistance organization for the payment of educational expenses on behalf of a
				qualified student;
4. "Person"
				means any individual, estate, association, trust, partnership, limited
				liability company, corporation, the state of Missouri or any department
				thereof, or any political subdivision of the state of Missouri;
5. "School year" means the period that
				commences on the first day of July and ends on the thirtieth day of the
				following June;
6. "Semester" means
				a half-year term of a school year, no less than twelve (12) weeks in
				duration;
7. "State fiscal year"
				means the period that commences on the first day of July and ends on the
				thirtieth day of the following June;
8. "Statutes" means sections
				135.712
				through
				135.719,
				RSMo, and sections
				166.700 through
				166.720,
				RSMo;
9. "Tax credits" means
				Missouri Empowerment Scholarship Accounts Program tax credits authorized under
				the program;
10. "Taxpayer" means
				the entity or individual that makes a qualifying contribution for purposes of
				claiming a tax credit; and
11.
				"Vendor" means every person or entity engaged in the business of selling
				products or services to a scholarship recipient which will be paid for with
				proceeds from an empowerment scholarship account, or who would for any reason
				receive funds as a result of any distribution from an empowerment scholarship
				account.