Sec. 12. In determining which applicants are least able to provide funds for the cost of education under section 8 of this chapter, the commission may not consider principal or interest, including an original issue discount that qualifies as interest excludable from gross income for federal income tax purposes, on a bond that is:
(1) issued by a:
(A) public body corporate and politic of the state; or
(B) state educational institution;
designated by the governor as a college savings bond and purchased after December 31, 1989; or
(2) a United States savings bond purchased after December 31, 1989, if the interest is claimed as exempt from federal taxation under Section 135 of the Internal Revenue Code.
[Pre-2007 Higher Education Recodification Citation: 20-12-21-7.1.]
As added by P.L.2-2007, SEC.253.
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