N.Y. Comp. Codes R. & Regs. tit. 2 § 151.1
The New York State College Choice Tuition Savings Program (the program) was established for the purpose of enabling residents of New York and other states to benefit from the tax incentive provided for qualified tuition programs under the Internal Revenue Code of 1986, as amended (the code), and to attract students to public and private colleges and universities within the State. The Comptroller of the State of New York (the Comptroller) and the New York Higher Education Services Corporation (HESC) are required to implement the program as a "qualified tuition program" under section 529 of the code, and make changes to the program required for participants to obtain the tax benefits provided thereunder. These rules, developed jointly by the Comptroller and HESC pursuant to a memorandum of understanding dated November 10, 1997, clarify or modify certain provisions of article 14-A of the Education Law (article 14-A), as authorized and required thereby, to maintain the program as a qualified tuition program. In the event that changes in Federal law or rules necessitate program changes in order to maintain the program as a qualified tuition program, the Comptroller and HESC shall promptly:
N.Y. Comp. Codes R. & Regs. Tit. 2 § 151.1