California Education Code 69431.7 – (a) As used in this section, “fund” means the College Access Tax …
(a) As used in this section, “fund” means the College Access Tax Credit Fund created by § 17053.87 of the Revenue and Taxation Code.
(b) Any moneys allocated to the commission from the fund for purposes of this section shall be in addition to, and are intended to supplement, other moneys appropriated for the Cal Grant Program. Upon the creation of the fund, and during its existence, the amount of the Cal Grant B access award as established in the annual Budget Act shall not be adjusted below the amount set forth in the Budget Act of 2012.
Terms Used In California Education Code 69431.7
- Access costs: means living expenses and expenses for transportation, supplies, technology, and books. See California Education Code 69432.7
- Commission: means the Student Aid Commission. See California Education Code 69432.7
- Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
(c) (1) The moneys allocated to the commission pursuant to § 17053.87 of the Revenue and Taxation Code shall be available for the purpose of making awards to students in accordance with this section.
(2) The commission shall make disbursements from the moneys allocated to the commission to supplement awards made for access costs under Article 3 (commencing with Section 69435), Article 4 (commencing with Section 69436), and Article 5 (commencing with Section 69437). The amount of the supplemental award, when added to the amount of the award made for access costs established by the annual Budget Act, shall not exceed five thousand dollars ($5,000). An award under this section is payable only to the extent that moneys are available from the fund. The commission shall inform each recipient of an award under this section that the award is for one academic year only, is not an entitlement, and that future supplemental awards are subject to the availability of moneys in the fund.
(3) The commission may make disbursements in any fiscal year in which it determines there are sufficient funds. If the commission determines it would be in the best interest of the program, the commission may roll over moneys allocated to the commission for disbursement in future fiscal years.
(d) If, after making supplemental awards pursuant to subdivision (c), moneys remain in the fund, those moneys shall remain in the fund for allocation in future fiscal years.
(e) This section shall become inoperative on June 30, 2024, and, as of January 1, 2025, is repealed.
(Amended by Stats. 2023, Ch. 278, Sec. 2. (AB 1400) Effective January 1, 2024. Inoperative June 30, 2024, by its own provisions. Repealed as of January 1, 2025, by its own provisions.)