(a) Notwithstanding any provision of the general statutes, to the extent permitted by federal law no moneys invested in the Connecticut Baby Bond Trust shall be considered to be an asset or income for purposes of determining an individual’s eligibility for assistance under any program administered by the Department of Social Services.

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(b) Notwithstanding any provision of the general statutes, no moneys invested in the trust shall be considered to be an asset for purposes of determining an individual’s eligibility for need-based, institutional aid grants offered to an individual at the public eligible educational institutions in the state.