Tex. Educ. Code § 54.772 · Subchapter H. PREPAID TUITION UNIT UNDERGRADUATE EDUCATION PROGRAM: TEXAS TOMORROW FUND II
TAX EXEMPT STATUS REQUIREMENTS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) This section is intended to meet the requirements of Section 529, Internal Revenue Code of 1986.
(b) A payment of an amount due to the fund for a prepaid tuition contract must be made in cash or cash equivalent. A person may not make a payment to the fund in excess of the amounts required to be paid under a prepaid tuition contract.
(c) The board shall maintain a separate accounting for each beneficiary.
(d) The purchaser under a prepaid tuition contract and the beneficiary under the contract may not:
(1) control or direct the investment of payments under the contract or any earnings of the fund; or
(2) use any interest in the contract as security for a loan or other obligation.
(e) The board shall make reports required by the secretary of the United States Treasury.
Notes and commentary — not statutory text
History
Added by Acts 2007, 80th Leg., R.S., Ch. 1281 (H.B. 3900), Sec. 1, eff. June 15, 2007.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/ED/htm/ED.54.htm
- Text hash
- sha256 50e440e8f1d4cd77f064ff03dd8384d86098c5a82af6efc7afb46485e3c1fa99
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.