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The Calif rule (currently) is that the fund's asset value must be at least 50% of US government obligations or none of it is excludable.
A claim for refund has recently been filed with the Board of Equalization by a taxpayer that challenges that rule. That starts the process of declaring R&TC §17145 unconstitutional and will be decided in court after a probably lengthy period of time.
The Calif rule (currently) is that the fund's asset value must be at least 50% of US government obligations or none of it is excludable.
A claim for refund has recently been filed with the Board of Equalization by a taxpayer that challenges that rule. That starts the process of declaring R&TC §17145 unconstitutional and will be decided in court after a probably lengthy period of time.
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