§ 30953. Application of Cancellation Penalty and Limitation of Contributions.
5 CA ADC § 30953Barclays Official California Code of Regulations
5 CCR § 30953
§ 30953. Application of Cancellation Penalty and Limitation of Contributions.
(b) Return of Excess Contributions. Contributions for any designated beneficiary shall be rejected and returned to the extent that the amount of the contribution would cause the aggregate amount held for that beneficiary to exceed the applicable maximum account balance limit, as determined in accordance with Section 529 of the Internal Revenue Code. Accounts that have reached the maximum account balance limit may continue to accrue earnings.
Credits
Note: Authority cited: Sections 69981(d) and 69982(h), Education Code. Reference: Sections 69981(d), 69982(j), 69983(g), 69985 and 69986(b), (d) and (e), Education Code; Sections 3900-3925, Probate Code; and Sections 529(b)(3) and (7), Internal Revenue Code.
History
1. New section filed 6-3-99 as an emergency pursuant to Education Code 69993.5; operative 6-28-99 (Register 99, No. 23). A Certificate of Compliance must be transmitted to OAL by 2-23-2000 or emergency language will be repealed by operation of law on the following day.
2. New section refiled 12-30-99 as an emergency pursuant to Education Code section 69993.5, including amendment of subsection (b); operative 12-26-99 (Register 99, No. 53). A Certificate of Compliance must be transmitted to OAL by 4-24-2000 or emergency language will be repealed by operation of law on the following day.
3. Certificate of Compliance as to 12-30-99 order, including amendment of subsections (a) and (c), transmitted to OAL 4-21-2000 and filed 6-1-2000 (Register 2000, No. 22).
4. Amendment of section and Note filed 12-26-2000 as an emergency; operative 1-1-2001 (Register 2000, No. 52). A Certificate of Compliance must be transmitted to OAL by 7-2-2001 pursuant to Education Code section 6993.5 or emergency language will be repealed by operation of law on the following day.
5. Certificate of Compliance as to 12-26-2000 order transmitted to OAL 5-22-2001 and filed 7-5-2001 (Register 2001, No. 27).
6. Amendment of section heading, section and Note filed 12-18-2001 as an emergency; operative 1-1-2002 (Register 2001, No. 51). Pursuant to Education Code section 69993.5, a Certificate of Compliance must be transmitted to OAL by 7-1-2002 or emergency language will be repealed by operation of law on the following day.
7. Editorial correction of History 6 (Register 2002, No. 21).
8. Editorial correction of History 6 (Register 2002, No. 31).
9. Reinstatement of section as it existed prior to 12-18-2001 emergency amendment by operation of Government Code section 11346.1(f) (Register 2002, No. 31).
10. Amendment of section heading, section and Note filed 7-31-2002 as an emergency; operative 7-31-2002 (Register 2002, No. 31). A Certificate of Compliance must be transmitted to OAL by 12-2-2002 or emergency language will be repealed by operation of law on the following day.
11. Certificate of Compliance as to 7-31-2002 order transmitted to OAL 11-13-2002 and filed 12-5-2002 (Register 2002, No. 49).
12. Repealer of subsection (a), subsection relettering and amendment of newly designated subsection (b) filed 12-1-2003; operative 1-1-2004 (Register 2003, No. 49).
13. Amendment of subsection (a) filed 7-20-2016; operative 10-1-2016 (Register 2016, No. 30).
This database is current through 4/12/24 Register 2024, No. 15.
Cal. Admin. Code tit. 5, § 30953, 5 CA ADC § 30953
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