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Section 5754 Of Chapter 9.5. California Savings Bond Program From California Government Code >> Division 6. >> Title 1. >> Chapter 9.5.
5754
. (a) A person who redeems California savings bonds and who has
owned the bonds for at least five years, or a person designated by
the owner, may exclude the amount redeemed to a maximum of
twenty-five thousand dollars ($25,000), per year per student,
adjusted for inflation after January 1, 1993, according to the
California Consumer Price Index, from any required calculations of
income and net worth for the purpose of making state financial aid
determinations for any public or private postsecondary educational
institution in this state. This exclusion shall only be available for
bonds redeemed or to be redeemed in the 12-month period preceding
the date of award for financial aid. Notwithstanding Section 69506 of
the Education Code, the modification made by this section to the
methodology set forth in federal law or regulation for determining
the expected family contribution of students seeking any state-funded
financial assistance is determined by the Legislature to be in the
best interest of the state.
(b) This chapter does not apply to college savings bonds issued by the Treasurer prior to January 1, 1993, except that a person who redeems college savings bonds issued prior to January 1, 1993, and who has owned the bonds for at least five years, or a person designated by the owner, may exclude the amount redeemed to a maximum of twenty-five thousand dollars ($25,000), per year per student, adjusted for inflation after January 1, 1993, according to the California Consumer Price Index, from any required calculations of income and net worth for the purpose of making state financial aid determinations for any public or private postsecondary educational institution in this state. This exclusion shall only be available for bonds redeemed or to be redeemed in the 12-month period preceding the date of award for financial aid.
(b) This chapter does not apply to college savings bonds issued by the Treasurer prior to January 1, 1993, except that a person who redeems college savings bonds issued prior to January 1, 1993, and who has owned the bonds for at least five years, or a person designated by the owner, may exclude the amount redeemed to a maximum of twenty-five thousand dollars ($25,000), per year per student, adjusted for inflation after January 1, 1993, according to the California Consumer Price Index, from any required calculations of income and net worth for the purpose of making state financial aid determinations for any public or private postsecondary educational institution in this state. This exclusion shall only be available for bonds redeemed or to be redeemed in the 12-month period preceding the date of award for financial aid.
