Page:United States Statutes at Large Volume 112 Part 4.djvu/1030

 112 STAT. 2762 PUBLIC LAW 105-285—OCT. 27, 1998 12-month periods beginning on the date the project is originally authorized to be conducted. (7) QUALIFIED ENTITY.— (A) IN GENERAL. — The term "qualified entity" means— (i) one or more not-for-profit organizations described in section 501(c)(3) of the Internal Revenue Code of 1986 and exempt from taxation under section 501(a) of such Code; or (ii) a State or local government agency, or a tribal government, submitting an application under section 405 jointly with an organization described in clause (i). (B) RULE OF CONSTRUCTION. —Nothing in this paragraph shall be construed as preventing an organization described in subparagraph (A)(i) from collaborating with a financial institution or for-profit community development corporation to carry out the purposes of this title. (8) QUALIFIED EXPENSES.— The term "quahfied expenses" means one or more of the following, as provided by a qualified entity: (A) POSTSECONDARY EDUCATIONAL EXPENSES.— Postsecondary educational expenses paid from an individual development account directly to an eligible educational institution. In this subparagraph: (i) POSTSECONDARY EDUCATIONAL EXPENSES.— The term "postsecondary educational expenses" means the following: (I) TUITION AND FEES.— Tuition and fees required for the enrollment or attendance of a student at an eligible educational institution. (II) FEES, BOOKS, SUPPLIES, AND EQUIPMENT.— Fees, books, supplies, and equipment required for courses of instruction at an eligible educational institution. (ii) ELIGIBLE EDUCATIONAL INSTITUTION.—The term "eligible educational institution" means the following: (I) INSTITUTION OF HIGHER EDUCATION. —An institution described in section 101 or 102 of the Higher Education Act of 1965. (II) POSTSECONDARY VOCATIONAL EDUCATION SCHOOL.— An area vocational education school (as defined in subparagraph (C) or (D) of section 521(4) of the Carl D. Perkins Vocational and Applied Technology Education Act (20 U.S.C. 2471(4))) which is in any State (as defined in section 521(33) of such Act), as such sections are in effect on the date of enactment of this title. (B) FIRST-HOME PURCHASE.--Qualified acquisition costs with respect to a principal residence for a qualified firsttime homebuyer, if paid from an individual development account directly to the persons to whom the amounts are due. In this subparagraph: (i) PRINCIPAL RESIDENCE. —-The term "principal residence" means a main residence, the qualified acquisition costs of which do not exceed 100 percent

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