53-25-117. Deductions for contributions. An individual who contributes to one or more accounts established pursuant to this chapter in a tax year is entitled to reduce the individual's adjusted gross income, in accordance with 15-30-2110(12), by the total amount of the contributions, but not more than $3,000, if the individual is:

(1) the designated beneficiary;

(2) the spouse of the designated beneficiary; or

(3) a parent, grandparent, sibling, or child related to the designated beneficiary by blood, marriage, or legal adoption.