Bill Text: CA AB1400 | 2023-2024 | Regular Session | Amended
Bill Title: Student financial aid: College Access Tax Credit Fund: community college student transfers: Historically Black Colleges and Universities.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2023-09-30 - Chaptered by Secretary of State - Chapter 278, Statutes of 2023. [AB1400 Detail]
Download: California-2023-AB1400-Amended.html
Amended
IN
Assembly
March 23, 2023 |
Introduced by Assembly Member Bryan |
February 17, 2023 |
LEGISLATIVE COUNSEL'S DIGEST
Existing law governing the taxation of insurers, the Personal Income Tax Law and the Corporation Tax Law, allow various credits against the taxes imposed by those laws, including a credit, for taxable years beginning on or after January 1, 2017, and before January 1, 2023, equal to 50% of a contribution to the College Access Tax Credit Fund, as provided. Existing law provides that moneys in the College Access Tax Credit Fund shall be allocated first to the General Fund, then, upon appropriation, to specified agencies for administrative costs related to this credit, and lastly continuously appropriated to the Student Aid Commission for awarding Cal Grants, as prescribed.
This bill would state the intent of the Legislature to enact subsequent legislation relating to the College Access Tax Credit Fund.
Digest Key
Vote: MAJORITY Appropriation:Bill Text
The people of the State of California do enact as follows:
SECTION 1.
The Legislature finds and declares all of the following:SEC. 2.
Section 69431.7 of the Education Code is amended to read:69431.7.
(a) As used in this section, “fund” means the College Access Tax Credit Fund created bySEC. 3.
Article 16 (commencing with Section 69840) is added to Chapter 2 of Part 42 of Division 5 of Title 3 of the Education Code, to read:Article 16. College Access Tax Credit Awards
69840.
(a) As used in this section, the following definitions apply:SEC. 4.
Section 17053.87 of the Revenue and Taxation Code is amended to read:17053.87.
(a) For the taxable years beginning on or after January 1, 2017, and before January 1, 2028, there shall be allowed as a credit against the “net tax,” as defined in Section 17039, an amount equal to 50 percent of the amount contributed by the taxpayer for the taxable year to the College Access Tax Credit Fund, as allocated and certified by the California Educational Facilities Authority.It is the intent of the Legislature to enact subsequent legislation relating to the College Access Tax Credit Fund.