Bill > SB285

This bill aims to enhance the Cal Grant Program, a state-funded financial aid program for California students, by creating a new funding stream through the College Access Tax Credit Fund. This fund, established by Section 17053.86 of the Revenue and Taxation Code, will provide additional money to supplement existing Cal Grant awards for "access costs," which are expenses related to attending college. Specifically, the bill ensures that the base amount of the Cal Grant B access award, as set in the 2012 Budget Act, will not be reduced. Each year, the Treasurer will determine how much money is available from the College Access Tax Credit Fund for student awards, with a maximum of 85% of the fund's balance being distributed. This supplemental award, when combined with the original award for access costs, cannot exceed $5,000 per student, and it is not guaranteed for future years, depending on the fund's availability. A portion of the funds will also cover administrative costs for the California Student Aid Commission, which manages the Cal Grant Program. This legislation will only take effect if another bill, Senate Bill 284, is also enacted by January 1, 2014.