A. The property of the Trust and its income and operation shall be exempt from all taxation by this state or any of its political subdivisions.
B. The purchaser may deduct from taxable income the amount of payment made under an advance tuition payment contract during the tax year.
C. An advance tuition payment contract is not a security subject to regulation by the state. An advance tuition contract may not be sold or otherwise transferred by the purchaser or qualified beneficiary without the prior approval of the Regents.
Added by Laws 1988, c. 261, § 15, emerg. eff. June 29, 1988.