CA
California Senate Bill SB539

California 2017-2018 Regular Session

California Senate Bill SB539 Compare Versions

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1-Enrolled September 07, 2018 Passed IN Senate August 31, 2018 Passed IN Assembly August 31, 2018 Amended IN Assembly August 20, 2018 Amended IN Assembly May 14, 2018 Amended IN Senate April 26, 2017 Amended IN Senate April 03, 2017 CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION Senate Bill No. 539Introduced by Senators De Len and PortantinoFebruary 16, 2017 An act to add Section 69431.8 to the Education Code, and to amend Sections 12207, 17053.87, and 23687 of the Revenue and Taxation Code, relating to education finance, to take effect immediately, tax levy.LEGISLATIVE COUNSEL'S DIGESTSB 539, De Len. Cal Grants: taxes: credits: College Access Tax Credit.Existing insurance tax law, 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, a special fund in the State Treasury, as allocated and certified by the California Educational Facilities Authority. Those laws limit the aggregate amount of credit that is authorized to be allocated and certified to $500,000,000. This bill would increase the credit percentage on the contribution amount from 50% to 75% for taxable years beginning on or after January 1, 2018. The bill would also increase the limit on the aggregate credit amount to $1,000,000,000 for the 2018 calendar year and each calendar year thereafter.Under existing law, after specified transfers to the General Fund and any reimbursement for administrative costs are made, any remaining moneys in the College Access Tax Credit Fund are continuously appropriated to the Student Aid Commission for purposes of supplementing awards made for access costs, defined as living expenses and expenses for transportation, supplies, and books, under the Cal Grant Program. Existing law provides that Cal Grant Program awards include Cal Grant A Entitlement Awards, Cal Grant B Entitlement Awards, California Community College Transfer Entitlement Awards, Competitive Cal Grant A and B Awards, Cal Grant C Awards, and Cal Grant T Awards. These Cal Grant Program awards may be used for, among other things, tuition or student fees.This bill would instead provide, upon appropriation by the Legislature, that the remaining revenues from contributions to the College Access Tax Credit Fund made on and after January 1, 2019, be allocated to the Student Aid Commission to make annual disbursements to make Cal Grant Program awards. If contributions to the College Access Tax Credit Fund exceed $10,000,000 in a calendar year, this bill would require 15% of the moneys allocated to the commission to be allocated to supplement awards for access costs, as specified.This bill would take effect immediately as a tax levy.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. Section 69431.8 is added to the Education Code, to read:69431.8. (a) As used in this section, fund means the College Access Tax Credit Fund created by Section 17053.87 of the Revenue and Taxation Code.(b) Upon appropriation by the Legislature, any moneys allocated to the commission from the fund shall be available for the purposes of making awards to students in accordance with subdivision (c).(c) (1) The commission shall make annual disbursements from the moneys allocated from the fund to make Cal Grant Program awards as described in subdivision (a) of Section 69432.(2) Notwithstanding paragraph (1), if contributions to the fund in the calendar year exceed ten million dollars ($10,000,000), the moneys allocated from the fund shall be allocated to make annual disbursements as follows:(A) Eighty-five percent to make Cal Grant Program awards as described in subdivision (a) of Section 69432.(B) Fifteen percent to supplement awards for access costs as described in paragraph (2) of subdivision (c) of Section 69431.7.(d) If, after making supplemental awards pursuant to subparagraph (B) of paragraph (2) of subdivision (c) moneys remain in the fund, those moneys shall remain in the fund for allocation for those purposes in future fiscal years.SEC. 2. Section 12207 of the Revenue and Taxation Code is amended to read:12207. (a) (1) For the taxable years beginning on or after January 1, 2017, and before January 1, 2023, there shall be allowed as a credit against the tax, as described in Section 12202 or 12231, an amount equal to the percentage specified in paragraph (2) 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.(2) (A) For taxable years beginning before January 1, 2018, 50 percent.(B) For taxable years beginning on or after January 1, 2018, 75 percent.(b) (1) The aggregate amount of credit that may be allocated and certified pursuant to this section, Section 17053.87, and Section 23687 shall be an amount equal to one billion dollars ($1,000,000,000) for the 2018 calendar year and each calendar year thereafter.(2) (A) For the purposes of this section, the California Educational Facilities Authority shall do all of the following:(i) On a first-come-first-served basis, allocate and certify tax credits to taxpayers under this section.(ii) Establish a procedure for taxpayers to contribute to the College Access Tax Credit Fund and to obtain from the California Educational Facilities Authority a certification for the credit allowed by this section. The procedure shall require the California Educational Facilities Authority to certify the contribution amount eligible for credit within 45 days following receipt of the contribution.(iii) Provide to the Department of Insurance a copy of each credit certificate issued for the calendar year by March 1 of the calendar year immediately following the year in which those certificates are issued.(B) (i) The California Educational Facilities Authority shall adopt any regulations necessary or appropriate to implement this paragraph.(ii) The Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code) shall not apply to any regulation adopted by the California Educational Facilities Authority pursuant to clause (i).(c) In the case where the credit allowed by this section exceeds the tax, the excess may be carried over to reduce the tax in the following year, and succeeding five years if necessary, until the credit is exhausted.(d) The tax credit allowed by subdivision (a), subdivision (a) of Section 17053.87, and subdivision (a) of Section 23687 for donations to the College Access Tax Credit Fund shall be known as the College Access Tax Credit.(e) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.SEC. 3. Section 17053.87 of the Revenue and Taxation Code is amended to read:17053.87. (a) (1) For the taxable years beginning on or after January 1, 2017, and before January 1, 2023, there shall be allowed as a credit against the net tax, as defined in Section 17039, an amount equal to the percentage specified in paragraph (2) 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.(2) (A) For taxable years beginning before January 1, 2018, 50 percent.(B) For taxable years beginning on or after January 1, 2018, 75 percent.(b) (1) The aggregate amount of credit that may be allocated and certified pursuant to this section, Section 12207, and Section 23687 shall be an amount equal to one billion dollars ($1,000,000,000) for the 2018 calendar year and each calendar year thereafter.(2) (A) For the purposes of this section, the California Educational Facilities Authority shall do all of the following:(i) On a first-come-first-served basis, allocate and certify tax credits to taxpayers under this section.(ii) Establish a procedure for taxpayers to contribute to the College Access Tax Credit Fund and to obtain from the California Educational Facilities Authority a certification for the credit allowed by this section. The procedure shall require the California Educational Facilities Authority to certify the contribution amount eligible for credit within 45 days following receipt of the contribution.(iii) Provide to the Franchise Tax Board a copy of each credit certificate issued for the calendar year by March 1 of the calendar year immediately following the year in which those certificates are issued.(B) (i) The California Educational Facilities Authority shall adopt any regulations necessary or appropriate to implement this paragraph.(ii) The Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code) shall not apply to any regulation adopted by the California Educational Facilities Authority pursuant to clause (i).(c) (1) In the case where the credit allowed by this section exceeds the net tax, the excess may be carried over to reduce the net tax in the following year, and succeeding five years if necessary, until the credit is exhausted.(2) A deduction shall not be allowed under this part for amounts taken into account under this section in calculating the credit allowed by this section.(d) (1) The College Access Tax Credit Fund is hereby created as a special fund in the State Treasury. All revenue in this special fund shall be allocated as follows:(A) First, to the General Fund in an amount equal to the aggregate amount of certified credits allowed pursuant to this section and Section 23687 for the taxable year. Funds allocated to the General Fund shall be considered General Fund revenues for purposes of Sections 8 and 8.5 of Article XVI of the California Constitution.(B) Second, upon appropriation, to the Department of Insurance, the Franchise Tax Board, the California Educational Facilities Authority, the Controller, and the Student Aid Commission for reimbursement of all administrative costs incurred by those agencies in connection with their duties under this section, Section 12207, Section 23687, and Sections 69431.7 and 69431.8 of the Education Code.(C) Third, notwithstanding Section 13340 of the Government Code, the remaining revenue from contributions to the College Access Tax Credit Fund made before January 1, 2019, shall be continuously appropriated to the Student Aid Commission for purposes of awarding Cal Grants to students subject to Section 69431.7 of the Education Code.(D) Fourth, upon appropriation by the Legislature, the remaining revenues from contributions to the College Access Tax Credit Fund made on and after January 1, 2019, to the Student Aid Commission for the purposes of awarding Cal Grants to students pursuant to Section 69431.8 of the Education Code.(2) The tax credit allowed by subdivision (a), subdivision (a) of Section 12207, and subdivision (a) of Section 23687 for donations to the College Access Tax Credit Fund shall be known as the College Access Tax Credit.(e) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.SEC. 4. Section 23687 of the Revenue and Taxation Code is amended to read:23687. (a) (1) For taxable years beginning on or after January 1, 2017, and before January 1, 2023, there shall be allowed as a credit against the tax, as defined in Section 23036, an amount equal to the percentage specified in paragraph (2) 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.(2) (A) For taxable years beginning before January 1, 2018, 50 percent.(B) For taxable years beginning on or after January 1, 2018, 75 percent.(b) (1) The aggregate amount of credit that may be allocated and certified pursuant to this section, Section 12207, and Section 17053.87 shall be an amount equal to one billion dollars ($1,000,000,000) for the 2018 calendar year and each calendar year thereafter.(2) (A) For the purposes of this section, the California Educational Facilities Authority shall do all of the following:(i) On a first-come-first-served basis, allocate and certify tax credits to taxpayers under this section.(ii) Establish a procedure for taxpayers to contribute to the College Access Tax Credit Fund and to obtain from the California Educational Facilities Authority a certification for the credit allowed by this section. The procedure shall require the California Educational Facilities Authority to certify the contribution amount eligible for credit within 45 days following receipt of the contribution.(iii) Provide to the Franchise Tax Board a copy of each credit certificate issued for the calendar year by March 1 of the calendar year immediately following the year in which those certificates are issued.(B) (i) The California Educational Facilities Authority shall adopt any regulations necessary or appropriate to implement this paragraph.(ii) The Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code) shall not apply to any regulation adopted by the California Educational Facilities Authority pursuant to clause (i).(c) (1) In the case where the credit allowed by this section exceeds the tax, the excess may be carried over to reduce the tax in the following year, and succeeding five years if necessary, until the credit is exhausted.(2) A deduction shall not be allowed under this part for amounts taken into account under this section in calculating the credit allowed by this section.(d) The tax credit allowed by subdivision (a), subdivision (a) of Section 12207, and subdivision (a) of Section 17053.87 for donations to the College Access Tax Credit Fund shall be known as the College Access Tax Credit.(e) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.SEC. 5. This act provides for a tax levy within the meaning of Article IV of the California Constitution and shall go into immediate effect.
1+Amended IN Assembly August 20, 2018 Amended IN Assembly May 14, 2018 Amended IN Senate April 26, 2017 Amended IN Senate April 03, 2017 CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION Senate Bill No. 539Introduced by Senators De Len and PortantinoFebruary 16, 2017 An act to add Section 69431.8 to the Education Code, and to amend Sections 12207, 17053.87, and 23687 of the Revenue and Taxation Code, relating to taxation, education finance, to take effect immediately, tax levy.LEGISLATIVE COUNSEL'S DIGESTSB 539, as amended, De Len. Taxation: Cal Grants: taxes: credits: College Access Tax Credit.Existing insurance tax law, the Personal Income Tax Law, and the Corporation Tax Law allow various credits against the taxes imposed by those laws, including a credit, 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, a special fund in the State Treasury, as allocated and certified by the California Educational Facilities Authority. Those laws limit the aggregate amount of credit that is authorized to be allocated and certified to $500,000,000. This bill would increase the limit credit percentage on the contribution amount from 50% to 75%. 75% for taxable years beginning on or after January 1, 2018. The bill would also increase the limit on the aggregate credit amount from $500,000,000 to $750,000,000. to $1,000,000,000 for the 2018 calendar year and each calendar year thereafter.Under existing law, after specified transfers to the General Fund and any reimbursement for administrative costs are made, any remaining moneys in the College Access Tax Credit Fund are continuously appropriated to the Student Aid Commission for purposes of supplementing awards made for access costs, defined as living expenses and expenses for transportation, supplies, and books, under the Cal Grant Program. Existing law provides that Cal Grant Program awards include Cal Grant A Entitlement Awards, Cal Grant B Entitlement Awards, California Community College Transfer Entitlement Awards, Competitive Cal Grant A and B Awards, Cal Grant C Awards, and Cal Grant T Awards. These Cal Grant Program awards may be used for, among other things, tuition or student fees.This bill would instead provide, upon appropriation by the Legislature, that the remaining revenues from contributions to the College Access Tax Credit Fund made on and after January 1, 2019, be allocated to the Student Aid Commission to make annual disbursements to make Cal Grant Program awards. If contributions to the College Access Tax Credit Fund exceed $10,000,000 in a calendar year, this bill would require 15% of the moneys allocated to the commission to be allocated to supplement awards for access costs, as specified.This bill would take effect immediately as a tax levy.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. Section 69431.8 is added to the Education Code, to read:69431.8. (a) As used in this section, fund means the College Access Tax Credit Fund created by Section 17053.87 of the Revenue and Taxation Code.(b) Upon appropriation by the Legislature, any moneys allocated to the commission from the fund shall be available for the purposes of making awards to students in accordance with subdivision (c).(c) (1) The commission shall make annual disbursements from the moneys allocated from the fund to make Cal Grant Program awards as described in subdivision (a) of Section 69432.(2) Notwithstanding paragraph (1), if contributions to the fund in the calendar year exceed ten million dollars ($10,000,000), the moneys allocated from the fund shall be allocated to make annual disbursements as follows:(A) Eighty-five percent to make Cal Grant Program awards as described in subdivision (a) of Section 69432.(B) Fifteen percent to supplement awards for access costs as described in paragraph (2) of subdivision (c) of Section 69431.7.(d) If, after making supplemental awards pursuant to subparagraph (B) of paragraph (2) of subdivision (c) moneys remain in the fund, those moneys shall remain in the fund for allocation for those purposes in future fiscal years.SECTION 1.SEC. 2. Section 12207 of the Revenue and Taxation Code is amended to read:12207. (a) (1) For the taxable years beginning on or after January 1, 2017, and before January 1, 2023, there shall be allowed as a credit against the tax, as described in Section 12202 or 12231, an amount equal to 75 percent the percentage specified in paragraph (2) 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.(2) (A) For taxable years beginning before January 1, 2018, 50 percent.(B) For taxable years beginning on or after January 1, 2018, 75 percent.(b) (1) The aggregate amount of credit that may be allocated and certified pursuant to this section, Section 17053.87, and Section 23687 shall be an amount equal to seven hundred fifty million dollars ($750,000,000). one billion dollars ($1,000,000,000) for the 2018 calendar year and each calendar year thereafter.(2) (A) For the purposes of this section, the California Educational Facilities Authority shall do all of the following:(i) On a first-come-first-served basis, allocate and certify tax credits to taxpayers under this section.(ii) Establish a procedure for taxpayers to contribute to the College Access Tax Credit Fund and to obtain from the California Educational Facilities Authority a certification for the credit allowed by this section. The procedure shall require the California Educational Facilities Authority to certify the contribution amount eligible for credit within 45 days following receipt of the contribution.(iii) Provide to the Department of Insurance a copy of each credit certificate issued for the calendar year by March 1 of the calendar year immediately following the year in which those certificates are issued.(B) (i) The California Educational Facilities Authority shall adopt any regulations necessary or appropriate to implement this paragraph.(ii) The Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code) shall not apply to any regulation adopted by the California Educational Facilities Authority pursuant to clause (i).(c) In the case where the credit allowed by this section exceeds the tax, the excess may be carried over to reduce the tax in the following year, and succeeding five years if necessary, until the credit is exhausted.(d) The tax credit allowed by subdivision (a), subdivision (a) of Section 17053.87, and subdivision (a) of Section 23687 for donations to the College Access Tax Credit Fund shall be known as the College Access Tax Credit.(e) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.SEC. 2.SEC. 3. Section 17053.87 of the Revenue and Taxation Code is amended to read:17053.87. (a) (1) For the taxable years beginning on or after January 1, 2017, and before January 1, 2023, there shall be allowed as a credit against the net tax, as defined in Section 17039, an amount equal to 75 percent the percentage specified in paragraph (2) 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.(2) (A) For taxable years beginning before January 1, 2018, 50 percent.(B) For taxable years beginning on or after January 1, 2018, 75 percent.(b) (1) The aggregate amount of credit that may be allocated and certified pursuant to this section, Section 12207, and Section 23687 shall be an amount equal to seven hundred fifty million dollars ($750,000,000). one billion dollars ($1,000,000,000) for the 2018 calendar year and each calendar year thereafter.(2) (A) For the purposes of this section, the California Educational Facilities Authority shall do all of the following:(i) On a first-come-first-served basis, allocate and certify tax credits to taxpayers under this section.(ii) Establish a procedure for taxpayers to contribute to the College Access Tax Credit Fund and to obtain from the California Educational Facilities Authority a certification for the credit allowed by this section. The procedure shall require the California Educational Facilities Authority to certify the contribution amount eligible for credit within 45 days following receipt of the contribution.(iii) Provide to the Franchise Tax Board a copy of each credit certificate issued for the calendar year by March 1 of the calendar year immediately following the year in which those certificates are issued.(B) (i) The California Educational Facilities Authority shall adopt any regulations necessary or appropriate to implement this paragraph.(ii) The Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code) shall not apply to any regulation adopted by the California Educational Facilities Authority pursuant to clause (i).(c) (1) In the case where the credit allowed by this section exceeds the net tax, the excess may be carried over to reduce the net tax in the following year, and succeeding five years if necessary, until the credit is exhausted.(2) A deduction shall not be allowed under this part for amounts taken into account under this section in calculating the credit allowed by this section.(d) (1) The College Access Tax Credit Fund is hereby created as a special fund in the State Treasury. All revenue in this special fund shall be allocated as follows:(A) First First, to the General Fund in an amount equal to the aggregate amount of certified credits allowed pursuant to this section and Section 23687 for the taxable year. Funds allocated to the General Fund shall be considered General Fund revenues for purposes of Sections 8 and 8.5 of Article XVI of the California Constitution.(B) Second, upon appropriation, to the Department of Insurance, the Franchise Tax Board, the California Educational Facilities Authority, the Controller, and the Student Aid Commission for reimbursement of all administrative costs incurred by those agencies in connection with their duties under this section, Section 12207, Section 23687, and Section Sections 69431.7 and 69431.8 of the Education Code.(C) Third, notwithstanding Section 13340 of the Government Code, the remaining revenue from contributions to the College Access Tax Credit Fund made before January 1, 2019, shall be continuously appropriated to the Student Aid Commission for purposes of awarding Cal Grants to students subject to Section 69431.7 of the Education Code.(D) Fourth, upon appropriation by the Legislature, the remaining revenues from contributions to the College Access Tax Credit Fund made on and after January 1, 2019, to the Student Aid Commission for the purposes of awarding Cal Grants to students pursuant to Section 69431.8 of the Education Code.(2) The tax credit allowed by subdivision (a), subdivision (a) of Section 12207, and subdivision (a) of Section 23687 for donations to the College Access Tax Credit Fund shall be known as the College Access Tax Credit.(e) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.SEC. 3.SEC. 4. Section 23687 of the Revenue and Taxation Code is amended to read:23687. (a) (1) For taxable years beginning on or after January 1, 2017, and before January 1, 2023, there shall be allowed as a credit against the tax, as defined in Section 23036, an amount equal to 75 percent the percentage specified in paragraph (2) 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.(2) (A) For taxable years beginning before January 1, 2018, 50 percent.(B) For taxable years beginning on or after January 1, 2018, 75 percent.(b) (1) The aggregate amount of credit that may be allocated and certified pursuant to this section, Section 12207, and Section 17053.87 shall be an amount equal to seven hundred fifty million dollars ($750,000,000). one billion dollars ($1,000,000,000) for the 2018 calendar year and each calendar year thereafter.(2) (A) For the purposes of this section, the California Educational Facilities Authority shall do all of the following:(i) On a first-come-first-served basis, allocate and certify tax credits to taxpayers under this section.(ii) Establish a procedure for taxpayers to contribute to the College Access Tax Credit Fund and to obtain from the California Educational Facilities Authority a certification for the credit allowed by this section. The procedure shall require the California Educational Facilities Authority to certify the contribution amount eligible for credit within 45 days following receipt of the contribution.(iii) Provide to the Franchise Tax Board a copy of each credit certificate issued for the calendar year by March 1 of the calendar year immediately following the year in which those certificates are issued.(B) (i) The California Educational Facilities Authority shall adopt any regulations necessary or appropriate to implement this paragraph.(ii) The Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code) shall not apply to any regulation adopted by the California Educational Facilities Authority pursuant to clause (i).(c) (1) In the case where the credit allowed by this section exceeds the tax, the excess may be carried over to reduce the tax in the following year, and succeeding five years if necessary, until the credit is exhausted.(2) A deduction shall not be allowed under this part for amounts taken into account under this section in calculating the credit allowed by this section.(d) The tax credit allowed by subdivision (a), subdivision (a) of Section 12207, and subdivision (a) of Section 17053.87 for donations to the College Access Tax Credit Fund shall be known as the College Access Tax Credit.(e) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.SEC. 4.SEC. 5. This act provides for a tax levy within the meaning of Article IV of the California Constitution and shall go into immediate effect.
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3- Enrolled September 07, 2018 Passed IN Senate August 31, 2018 Passed IN Assembly August 31, 2018 Amended IN Assembly August 20, 2018 Amended IN Assembly May 14, 2018 Amended IN Senate April 26, 2017 Amended IN Senate April 03, 2017 CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION Senate Bill No. 539Introduced by Senators De Len and PortantinoFebruary 16, 2017 An act to add Section 69431.8 to the Education Code, and to amend Sections 12207, 17053.87, and 23687 of the Revenue and Taxation Code, relating to education finance, to take effect immediately, tax levy.LEGISLATIVE COUNSEL'S DIGESTSB 539, De Len. Cal Grants: taxes: credits: College Access Tax Credit.Existing insurance tax law, 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, a special fund in the State Treasury, as allocated and certified by the California Educational Facilities Authority. Those laws limit the aggregate amount of credit that is authorized to be allocated and certified to $500,000,000. This bill would increase the credit percentage on the contribution amount from 50% to 75% for taxable years beginning on or after January 1, 2018. The bill would also increase the limit on the aggregate credit amount to $1,000,000,000 for the 2018 calendar year and each calendar year thereafter.Under existing law, after specified transfers to the General Fund and any reimbursement for administrative costs are made, any remaining moneys in the College Access Tax Credit Fund are continuously appropriated to the Student Aid Commission for purposes of supplementing awards made for access costs, defined as living expenses and expenses for transportation, supplies, and books, under the Cal Grant Program. Existing law provides that Cal Grant Program awards include Cal Grant A Entitlement Awards, Cal Grant B Entitlement Awards, California Community College Transfer Entitlement Awards, Competitive Cal Grant A and B Awards, Cal Grant C Awards, and Cal Grant T Awards. These Cal Grant Program awards may be used for, among other things, tuition or student fees.This bill would instead provide, upon appropriation by the Legislature, that the remaining revenues from contributions to the College Access Tax Credit Fund made on and after January 1, 2019, be allocated to the Student Aid Commission to make annual disbursements to make Cal Grant Program awards. If contributions to the College Access Tax Credit Fund exceed $10,000,000 in a calendar year, this bill would require 15% of the moneys allocated to the commission to be allocated to supplement awards for access costs, as specified.This bill would take effect immediately as a tax levy.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO
3+ Amended IN Assembly August 20, 2018 Amended IN Assembly May 14, 2018 Amended IN Senate April 26, 2017 Amended IN Senate April 03, 2017 CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION Senate Bill No. 539Introduced by Senators De Len and PortantinoFebruary 16, 2017 An act to add Section 69431.8 to the Education Code, and to amend Sections 12207, 17053.87, and 23687 of the Revenue and Taxation Code, relating to taxation, education finance, to take effect immediately, tax levy.LEGISLATIVE COUNSEL'S DIGESTSB 539, as amended, De Len. Taxation: Cal Grants: taxes: credits: College Access Tax Credit.Existing insurance tax law, the Personal Income Tax Law, and the Corporation Tax Law allow various credits against the taxes imposed by those laws, including a credit, 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, a special fund in the State Treasury, as allocated and certified by the California Educational Facilities Authority. Those laws limit the aggregate amount of credit that is authorized to be allocated and certified to $500,000,000. This bill would increase the limit credit percentage on the contribution amount from 50% to 75%. 75% for taxable years beginning on or after January 1, 2018. The bill would also increase the limit on the aggregate credit amount from $500,000,000 to $750,000,000. to $1,000,000,000 for the 2018 calendar year and each calendar year thereafter.Under existing law, after specified transfers to the General Fund and any reimbursement for administrative costs are made, any remaining moneys in the College Access Tax Credit Fund are continuously appropriated to the Student Aid Commission for purposes of supplementing awards made for access costs, defined as living expenses and expenses for transportation, supplies, and books, under the Cal Grant Program. Existing law provides that Cal Grant Program awards include Cal Grant A Entitlement Awards, Cal Grant B Entitlement Awards, California Community College Transfer Entitlement Awards, Competitive Cal Grant A and B Awards, Cal Grant C Awards, and Cal Grant T Awards. These Cal Grant Program awards may be used for, among other things, tuition or student fees.This bill would instead provide, upon appropriation by the Legislature, that the remaining revenues from contributions to the College Access Tax Credit Fund made on and after January 1, 2019, be allocated to the Student Aid Commission to make annual disbursements to make Cal Grant Program awards. If contributions to the College Access Tax Credit Fund exceed $10,000,000 in a calendar year, this bill would require 15% of the moneys allocated to the commission to be allocated to supplement awards for access costs, as specified.This bill would take effect immediately as a tax levy.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO
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5- Enrolled September 07, 2018 Passed IN Senate August 31, 2018 Passed IN Assembly August 31, 2018 Amended IN Assembly August 20, 2018 Amended IN Assembly May 14, 2018 Amended IN Senate April 26, 2017 Amended IN Senate April 03, 2017
5+ Amended IN Assembly August 20, 2018 Amended IN Assembly May 14, 2018 Amended IN Senate April 26, 2017 Amended IN Senate April 03, 2017
66
7-Enrolled September 07, 2018
8-Passed IN Senate August 31, 2018
9-Passed IN Assembly August 31, 2018
107 Amended IN Assembly August 20, 2018
118 Amended IN Assembly May 14, 2018
129 Amended IN Senate April 26, 2017
1310 Amended IN Senate April 03, 2017
1411
1512 CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION
1613
1714 Senate Bill No. 539
1815
1916 Introduced by Senators De Len and PortantinoFebruary 16, 2017
2017
2118 Introduced by Senators De Len and Portantino
2219 February 16, 2017
2320
24- An act to add Section 69431.8 to the Education Code, and to amend Sections 12207, 17053.87, and 23687 of the Revenue and Taxation Code, relating to education finance, to take effect immediately, tax levy.
21+ An act to add Section 69431.8 to the Education Code, and to amend Sections 12207, 17053.87, and 23687 of the Revenue and Taxation Code, relating to taxation, education finance, to take effect immediately, tax levy.
2522
2623 LEGISLATIVE COUNSEL'S DIGEST
2724
2825 ## LEGISLATIVE COUNSEL'S DIGEST
2926
30-SB 539, De Len. Cal Grants: taxes: credits: College Access Tax Credit.
27+SB 539, as amended, De Len. Taxation: Cal Grants: taxes: credits: College Access Tax Credit.
3128
32-Existing insurance tax law, 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, a special fund in the State Treasury, as allocated and certified by the California Educational Facilities Authority. Those laws limit the aggregate amount of credit that is authorized to be allocated and certified to $500,000,000. This bill would increase the credit percentage on the contribution amount from 50% to 75% for taxable years beginning on or after January 1, 2018. The bill would also increase the limit on the aggregate credit amount to $1,000,000,000 for the 2018 calendar year and each calendar year thereafter.Under existing law, after specified transfers to the General Fund and any reimbursement for administrative costs are made, any remaining moneys in the College Access Tax Credit Fund are continuously appropriated to the Student Aid Commission for purposes of supplementing awards made for access costs, defined as living expenses and expenses for transportation, supplies, and books, under the Cal Grant Program. Existing law provides that Cal Grant Program awards include Cal Grant A Entitlement Awards, Cal Grant B Entitlement Awards, California Community College Transfer Entitlement Awards, Competitive Cal Grant A and B Awards, Cal Grant C Awards, and Cal Grant T Awards. These Cal Grant Program awards may be used for, among other things, tuition or student fees.This bill would instead provide, upon appropriation by the Legislature, that the remaining revenues from contributions to the College Access Tax Credit Fund made on and after January 1, 2019, be allocated to the Student Aid Commission to make annual disbursements to make Cal Grant Program awards. If contributions to the College Access Tax Credit Fund exceed $10,000,000 in a calendar year, this bill would require 15% of the moneys allocated to the commission to be allocated to supplement awards for access costs, as specified.This bill would take effect immediately as a tax levy.
29+Existing insurance tax law, the Personal Income Tax Law, and the Corporation Tax Law allow various credits against the taxes imposed by those laws, including a credit, 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, a special fund in the State Treasury, as allocated and certified by the California Educational Facilities Authority. Those laws limit the aggregate amount of credit that is authorized to be allocated and certified to $500,000,000. This bill would increase the limit credit percentage on the contribution amount from 50% to 75%. 75% for taxable years beginning on or after January 1, 2018. The bill would also increase the limit on the aggregate credit amount from $500,000,000 to $750,000,000. to $1,000,000,000 for the 2018 calendar year and each calendar year thereafter.Under existing law, after specified transfers to the General Fund and any reimbursement for administrative costs are made, any remaining moneys in the College Access Tax Credit Fund are continuously appropriated to the Student Aid Commission for purposes of supplementing awards made for access costs, defined as living expenses and expenses for transportation, supplies, and books, under the Cal Grant Program. Existing law provides that Cal Grant Program awards include Cal Grant A Entitlement Awards, Cal Grant B Entitlement Awards, California Community College Transfer Entitlement Awards, Competitive Cal Grant A and B Awards, Cal Grant C Awards, and Cal Grant T Awards. These Cal Grant Program awards may be used for, among other things, tuition or student fees.This bill would instead provide, upon appropriation by the Legislature, that the remaining revenues from contributions to the College Access Tax Credit Fund made on and after January 1, 2019, be allocated to the Student Aid Commission to make annual disbursements to make Cal Grant Program awards. If contributions to the College Access Tax Credit Fund exceed $10,000,000 in a calendar year, this bill would require 15% of the moneys allocated to the commission to be allocated to supplement awards for access costs, as specified.This bill would take effect immediately as a tax levy.
3330
34-Existing insurance tax law, 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, a special fund in the State Treasury, as allocated and certified by the California Educational Facilities Authority. Those laws limit the aggregate amount of credit that is authorized to be allocated and certified to $500,000,000.
31+Existing insurance tax law, the Personal Income Tax Law, and the Corporation Tax Law allow various credits against the taxes imposed by those laws, including a credit, 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, a special fund in the State Treasury, as allocated and certified by the California Educational Facilities Authority. Those laws limit the aggregate amount of credit that is authorized to be allocated and certified to $500,000,000.
3532
36-This bill would increase the credit percentage on the contribution amount from 50% to 75% for taxable years beginning on or after January 1, 2018. The bill would also increase the limit on the aggregate credit amount to $1,000,000,000 for the 2018 calendar year and each calendar year thereafter.
33+This bill would increase the limit credit percentage on the contribution amount from 50% to 75%. 75% for taxable years beginning on or after January 1, 2018. The bill would also increase the limit on the aggregate credit amount from $500,000,000 to $750,000,000. to $1,000,000,000 for the 2018 calendar year and each calendar year thereafter.
3734
3835 Under existing law, after specified transfers to the General Fund and any reimbursement for administrative costs are made, any remaining moneys in the College Access Tax Credit Fund are continuously appropriated to the Student Aid Commission for purposes of supplementing awards made for access costs, defined as living expenses and expenses for transportation, supplies, and books, under the Cal Grant Program. Existing law provides that Cal Grant Program awards include Cal Grant A Entitlement Awards, Cal Grant B Entitlement Awards, California Community College Transfer Entitlement Awards, Competitive Cal Grant A and B Awards, Cal Grant C Awards, and Cal Grant T Awards. These Cal Grant Program awards may be used for, among other things, tuition or student fees.
3936
4037 This bill would instead provide, upon appropriation by the Legislature, that the remaining revenues from contributions to the College Access Tax Credit Fund made on and after January 1, 2019, be allocated to the Student Aid Commission to make annual disbursements to make Cal Grant Program awards. If contributions to the College Access Tax Credit Fund exceed $10,000,000 in a calendar year, this bill would require 15% of the moneys allocated to the commission to be allocated to supplement awards for access costs, as specified.
4138
4239 This bill would take effect immediately as a tax levy.
4340
4441 ## Digest Key
4542
4643 ## Bill Text
4744
48-The people of the State of California do enact as follows:SECTION 1. Section 69431.8 is added to the Education Code, to read:69431.8. (a) As used in this section, fund means the College Access Tax Credit Fund created by Section 17053.87 of the Revenue and Taxation Code.(b) Upon appropriation by the Legislature, any moneys allocated to the commission from the fund shall be available for the purposes of making awards to students in accordance with subdivision (c).(c) (1) The commission shall make annual disbursements from the moneys allocated from the fund to make Cal Grant Program awards as described in subdivision (a) of Section 69432.(2) Notwithstanding paragraph (1), if contributions to the fund in the calendar year exceed ten million dollars ($10,000,000), the moneys allocated from the fund shall be allocated to make annual disbursements as follows:(A) Eighty-five percent to make Cal Grant Program awards as described in subdivision (a) of Section 69432.(B) Fifteen percent to supplement awards for access costs as described in paragraph (2) of subdivision (c) of Section 69431.7.(d) If, after making supplemental awards pursuant to subparagraph (B) of paragraph (2) of subdivision (c) moneys remain in the fund, those moneys shall remain in the fund for allocation for those purposes in future fiscal years.SEC. 2. Section 12207 of the Revenue and Taxation Code is amended to read:12207. (a) (1) For the taxable years beginning on or after January 1, 2017, and before January 1, 2023, there shall be allowed as a credit against the tax, as described in Section 12202 or 12231, an amount equal to the percentage specified in paragraph (2) 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.(2) (A) For taxable years beginning before January 1, 2018, 50 percent.(B) For taxable years beginning on or after January 1, 2018, 75 percent.(b) (1) The aggregate amount of credit that may be allocated and certified pursuant to this section, Section 17053.87, and Section 23687 shall be an amount equal to one billion dollars ($1,000,000,000) for the 2018 calendar year and each calendar year thereafter.(2) (A) For the purposes of this section, the California Educational Facilities Authority shall do all of the following:(i) On a first-come-first-served basis, allocate and certify tax credits to taxpayers under this section.(ii) Establish a procedure for taxpayers to contribute to the College Access Tax Credit Fund and to obtain from the California Educational Facilities Authority a certification for the credit allowed by this section. The procedure shall require the California Educational Facilities Authority to certify the contribution amount eligible for credit within 45 days following receipt of the contribution.(iii) Provide to the Department of Insurance a copy of each credit certificate issued for the calendar year by March 1 of the calendar year immediately following the year in which those certificates are issued.(B) (i) The California Educational Facilities Authority shall adopt any regulations necessary or appropriate to implement this paragraph.(ii) The Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code) shall not apply to any regulation adopted by the California Educational Facilities Authority pursuant to clause (i).(c) In the case where the credit allowed by this section exceeds the tax, the excess may be carried over to reduce the tax in the following year, and succeeding five years if necessary, until the credit is exhausted.(d) The tax credit allowed by subdivision (a), subdivision (a) of Section 17053.87, and subdivision (a) of Section 23687 for donations to the College Access Tax Credit Fund shall be known as the College Access Tax Credit.(e) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.SEC. 3. Section 17053.87 of the Revenue and Taxation Code is amended to read:17053.87. (a) (1) For the taxable years beginning on or after January 1, 2017, and before January 1, 2023, there shall be allowed as a credit against the net tax, as defined in Section 17039, an amount equal to the percentage specified in paragraph (2) 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.(2) (A) For taxable years beginning before January 1, 2018, 50 percent.(B) For taxable years beginning on or after January 1, 2018, 75 percent.(b) (1) The aggregate amount of credit that may be allocated and certified pursuant to this section, Section 12207, and Section 23687 shall be an amount equal to one billion dollars ($1,000,000,000) for the 2018 calendar year and each calendar year thereafter.(2) (A) For the purposes of this section, the California Educational Facilities Authority shall do all of the following:(i) On a first-come-first-served basis, allocate and certify tax credits to taxpayers under this section.(ii) Establish a procedure for taxpayers to contribute to the College Access Tax Credit Fund and to obtain from the California Educational Facilities Authority a certification for the credit allowed by this section. The procedure shall require the California Educational Facilities Authority to certify the contribution amount eligible for credit within 45 days following receipt of the contribution.(iii) Provide to the Franchise Tax Board a copy of each credit certificate issued for the calendar year by March 1 of the calendar year immediately following the year in which those certificates are issued.(B) (i) The California Educational Facilities Authority shall adopt any regulations necessary or appropriate to implement this paragraph.(ii) The Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code) shall not apply to any regulation adopted by the California Educational Facilities Authority pursuant to clause (i).(c) (1) In the case where the credit allowed by this section exceeds the net tax, the excess may be carried over to reduce the net tax in the following year, and succeeding five years if necessary, until the credit is exhausted.(2) A deduction shall not be allowed under this part for amounts taken into account under this section in calculating the credit allowed by this section.(d) (1) The College Access Tax Credit Fund is hereby created as a special fund in the State Treasury. All revenue in this special fund shall be allocated as follows:(A) First, to the General Fund in an amount equal to the aggregate amount of certified credits allowed pursuant to this section and Section 23687 for the taxable year. Funds allocated to the General Fund shall be considered General Fund revenues for purposes of Sections 8 and 8.5 of Article XVI of the California Constitution.(B) Second, upon appropriation, to the Department of Insurance, the Franchise Tax Board, the California Educational Facilities Authority, the Controller, and the Student Aid Commission for reimbursement of all administrative costs incurred by those agencies in connection with their duties under this section, Section 12207, Section 23687, and Sections 69431.7 and 69431.8 of the Education Code.(C) Third, notwithstanding Section 13340 of the Government Code, the remaining revenue from contributions to the College Access Tax Credit Fund made before January 1, 2019, shall be continuously appropriated to the Student Aid Commission for purposes of awarding Cal Grants to students subject to Section 69431.7 of the Education Code.(D) Fourth, upon appropriation by the Legislature, the remaining revenues from contributions to the College Access Tax Credit Fund made on and after January 1, 2019, to the Student Aid Commission for the purposes of awarding Cal Grants to students pursuant to Section 69431.8 of the Education Code.(2) The tax credit allowed by subdivision (a), subdivision (a) of Section 12207, and subdivision (a) of Section 23687 for donations to the College Access Tax Credit Fund shall be known as the College Access Tax Credit.(e) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.SEC. 4. Section 23687 of the Revenue and Taxation Code is amended to read:23687. (a) (1) For taxable years beginning on or after January 1, 2017, and before January 1, 2023, there shall be allowed as a credit against the tax, as defined in Section 23036, an amount equal to the percentage specified in paragraph (2) 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.(2) (A) For taxable years beginning before January 1, 2018, 50 percent.(B) For taxable years beginning on or after January 1, 2018, 75 percent.(b) (1) The aggregate amount of credit that may be allocated and certified pursuant to this section, Section 12207, and Section 17053.87 shall be an amount equal to one billion dollars ($1,000,000,000) for the 2018 calendar year and each calendar year thereafter.(2) (A) For the purposes of this section, the California Educational Facilities Authority shall do all of the following:(i) On a first-come-first-served basis, allocate and certify tax credits to taxpayers under this section.(ii) Establish a procedure for taxpayers to contribute to the College Access Tax Credit Fund and to obtain from the California Educational Facilities Authority a certification for the credit allowed by this section. The procedure shall require the California Educational Facilities Authority to certify the contribution amount eligible for credit within 45 days following receipt of the contribution.(iii) Provide to the Franchise Tax Board a copy of each credit certificate issued for the calendar year by March 1 of the calendar year immediately following the year in which those certificates are issued.(B) (i) The California Educational Facilities Authority shall adopt any regulations necessary or appropriate to implement this paragraph.(ii) The Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code) shall not apply to any regulation adopted by the California Educational Facilities Authority pursuant to clause (i).(c) (1) In the case where the credit allowed by this section exceeds the tax, the excess may be carried over to reduce the tax in the following year, and succeeding five years if necessary, until the credit is exhausted.(2) A deduction shall not be allowed under this part for amounts taken into account under this section in calculating the credit allowed by this section.(d) The tax credit allowed by subdivision (a), subdivision (a) of Section 12207, and subdivision (a) of Section 17053.87 for donations to the College Access Tax Credit Fund shall be known as the College Access Tax Credit.(e) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.SEC. 5. This act provides for a tax levy within the meaning of Article IV of the California Constitution and shall go into immediate effect.
45+The people of the State of California do enact as follows:SECTION 1. Section 69431.8 is added to the Education Code, to read:69431.8. (a) As used in this section, fund means the College Access Tax Credit Fund created by Section 17053.87 of the Revenue and Taxation Code.(b) Upon appropriation by the Legislature, any moneys allocated to the commission from the fund shall be available for the purposes of making awards to students in accordance with subdivision (c).(c) (1) The commission shall make annual disbursements from the moneys allocated from the fund to make Cal Grant Program awards as described in subdivision (a) of Section 69432.(2) Notwithstanding paragraph (1), if contributions to the fund in the calendar year exceed ten million dollars ($10,000,000), the moneys allocated from the fund shall be allocated to make annual disbursements as follows:(A) Eighty-five percent to make Cal Grant Program awards as described in subdivision (a) of Section 69432.(B) Fifteen percent to supplement awards for access costs as described in paragraph (2) of subdivision (c) of Section 69431.7.(d) If, after making supplemental awards pursuant to subparagraph (B) of paragraph (2) of subdivision (c) moneys remain in the fund, those moneys shall remain in the fund for allocation for those purposes in future fiscal years.SECTION 1.SEC. 2. Section 12207 of the Revenue and Taxation Code is amended to read:12207. (a) (1) For the taxable years beginning on or after January 1, 2017, and before January 1, 2023, there shall be allowed as a credit against the tax, as described in Section 12202 or 12231, an amount equal to 75 percent the percentage specified in paragraph (2) 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.(2) (A) For taxable years beginning before January 1, 2018, 50 percent.(B) For taxable years beginning on or after January 1, 2018, 75 percent.(b) (1) The aggregate amount of credit that may be allocated and certified pursuant to this section, Section 17053.87, and Section 23687 shall be an amount equal to seven hundred fifty million dollars ($750,000,000). one billion dollars ($1,000,000,000) for the 2018 calendar year and each calendar year thereafter.(2) (A) For the purposes of this section, the California Educational Facilities Authority shall do all of the following:(i) On a first-come-first-served basis, allocate and certify tax credits to taxpayers under this section.(ii) Establish a procedure for taxpayers to contribute to the College Access Tax Credit Fund and to obtain from the California Educational Facilities Authority a certification for the credit allowed by this section. The procedure shall require the California Educational Facilities Authority to certify the contribution amount eligible for credit within 45 days following receipt of the contribution.(iii) Provide to the Department of Insurance a copy of each credit certificate issued for the calendar year by March 1 of the calendar year immediately following the year in which those certificates are issued.(B) (i) The California Educational Facilities Authority shall adopt any regulations necessary or appropriate to implement this paragraph.(ii) The Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code) shall not apply to any regulation adopted by the California Educational Facilities Authority pursuant to clause (i).(c) In the case where the credit allowed by this section exceeds the tax, the excess may be carried over to reduce the tax in the following year, and succeeding five years if necessary, until the credit is exhausted.(d) The tax credit allowed by subdivision (a), subdivision (a) of Section 17053.87, and subdivision (a) of Section 23687 for donations to the College Access Tax Credit Fund shall be known as the College Access Tax Credit.(e) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.SEC. 2.SEC. 3. Section 17053.87 of the Revenue and Taxation Code is amended to read:17053.87. (a) (1) For the taxable years beginning on or after January 1, 2017, and before January 1, 2023, there shall be allowed as a credit against the net tax, as defined in Section 17039, an amount equal to 75 percent the percentage specified in paragraph (2) 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.(2) (A) For taxable years beginning before January 1, 2018, 50 percent.(B) For taxable years beginning on or after January 1, 2018, 75 percent.(b) (1) The aggregate amount of credit that may be allocated and certified pursuant to this section, Section 12207, and Section 23687 shall be an amount equal to seven hundred fifty million dollars ($750,000,000). one billion dollars ($1,000,000,000) for the 2018 calendar year and each calendar year thereafter.(2) (A) For the purposes of this section, the California Educational Facilities Authority shall do all of the following:(i) On a first-come-first-served basis, allocate and certify tax credits to taxpayers under this section.(ii) Establish a procedure for taxpayers to contribute to the College Access Tax Credit Fund and to obtain from the California Educational Facilities Authority a certification for the credit allowed by this section. The procedure shall require the California Educational Facilities Authority to certify the contribution amount eligible for credit within 45 days following receipt of the contribution.(iii) Provide to the Franchise Tax Board a copy of each credit certificate issued for the calendar year by March 1 of the calendar year immediately following the year in which those certificates are issued.(B) (i) The California Educational Facilities Authority shall adopt any regulations necessary or appropriate to implement this paragraph.(ii) The Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code) shall not apply to any regulation adopted by the California Educational Facilities Authority pursuant to clause (i).(c) (1) In the case where the credit allowed by this section exceeds the net tax, the excess may be carried over to reduce the net tax in the following year, and succeeding five years if necessary, until the credit is exhausted.(2) A deduction shall not be allowed under this part for amounts taken into account under this section in calculating the credit allowed by this section.(d) (1) The College Access Tax Credit Fund is hereby created as a special fund in the State Treasury. All revenue in this special fund shall be allocated as follows:(A) First First, to the General Fund in an amount equal to the aggregate amount of certified credits allowed pursuant to this section and Section 23687 for the taxable year. Funds allocated to the General Fund shall be considered General Fund revenues for purposes of Sections 8 and 8.5 of Article XVI of the California Constitution.(B) Second, upon appropriation, to the Department of Insurance, the Franchise Tax Board, the California Educational Facilities Authority, the Controller, and the Student Aid Commission for reimbursement of all administrative costs incurred by those agencies in connection with their duties under this section, Section 12207, Section 23687, and Section Sections 69431.7 and 69431.8 of the Education Code.(C) Third, notwithstanding Section 13340 of the Government Code, the remaining revenue from contributions to the College Access Tax Credit Fund made before January 1, 2019, shall be continuously appropriated to the Student Aid Commission for purposes of awarding Cal Grants to students subject to Section 69431.7 of the Education Code.(D) Fourth, upon appropriation by the Legislature, the remaining revenues from contributions to the College Access Tax Credit Fund made on and after January 1, 2019, to the Student Aid Commission for the purposes of awarding Cal Grants to students pursuant to Section 69431.8 of the Education Code.(2) The tax credit allowed by subdivision (a), subdivision (a) of Section 12207, and subdivision (a) of Section 23687 for donations to the College Access Tax Credit Fund shall be known as the College Access Tax Credit.(e) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.SEC. 3.SEC. 4. Section 23687 of the Revenue and Taxation Code is amended to read:23687. (a) (1) For taxable years beginning on or after January 1, 2017, and before January 1, 2023, there shall be allowed as a credit against the tax, as defined in Section 23036, an amount equal to 75 percent the percentage specified in paragraph (2) 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.(2) (A) For taxable years beginning before January 1, 2018, 50 percent.(B) For taxable years beginning on or after January 1, 2018, 75 percent.(b) (1) The aggregate amount of credit that may be allocated and certified pursuant to this section, Section 12207, and Section 17053.87 shall be an amount equal to seven hundred fifty million dollars ($750,000,000). one billion dollars ($1,000,000,000) for the 2018 calendar year and each calendar year thereafter.(2) (A) For the purposes of this section, the California Educational Facilities Authority shall do all of the following:(i) On a first-come-first-served basis, allocate and certify tax credits to taxpayers under this section.(ii) Establish a procedure for taxpayers to contribute to the College Access Tax Credit Fund and to obtain from the California Educational Facilities Authority a certification for the credit allowed by this section. The procedure shall require the California Educational Facilities Authority to certify the contribution amount eligible for credit within 45 days following receipt of the contribution.(iii) Provide to the Franchise Tax Board a copy of each credit certificate issued for the calendar year by March 1 of the calendar year immediately following the year in which those certificates are issued.(B) (i) The California Educational Facilities Authority shall adopt any regulations necessary or appropriate to implement this paragraph.(ii) The Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code) shall not apply to any regulation adopted by the California Educational Facilities Authority pursuant to clause (i).(c) (1) In the case where the credit allowed by this section exceeds the tax, the excess may be carried over to reduce the tax in the following year, and succeeding five years if necessary, until the credit is exhausted.(2) A deduction shall not be allowed under this part for amounts taken into account under this section in calculating the credit allowed by this section.(d) The tax credit allowed by subdivision (a), subdivision (a) of Section 12207, and subdivision (a) of Section 17053.87 for donations to the College Access Tax Credit Fund shall be known as the College Access Tax Credit.(e) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.SEC. 4.SEC. 5. This act provides for a tax levy within the meaning of Article IV of the California Constitution and shall go into immediate effect.
4946
5047 The people of the State of California do enact as follows:
5148
5249 ## The people of the State of California do enact as follows:
5350
5451 SECTION 1. Section 69431.8 is added to the Education Code, to read:69431.8. (a) As used in this section, fund means the College Access Tax Credit Fund created by Section 17053.87 of the Revenue and Taxation Code.(b) Upon appropriation by the Legislature, any moneys allocated to the commission from the fund shall be available for the purposes of making awards to students in accordance with subdivision (c).(c) (1) The commission shall make annual disbursements from the moneys allocated from the fund to make Cal Grant Program awards as described in subdivision (a) of Section 69432.(2) Notwithstanding paragraph (1), if contributions to the fund in the calendar year exceed ten million dollars ($10,000,000), the moneys allocated from the fund shall be allocated to make annual disbursements as follows:(A) Eighty-five percent to make Cal Grant Program awards as described in subdivision (a) of Section 69432.(B) Fifteen percent to supplement awards for access costs as described in paragraph (2) of subdivision (c) of Section 69431.7.(d) If, after making supplemental awards pursuant to subparagraph (B) of paragraph (2) of subdivision (c) moneys remain in the fund, those moneys shall remain in the fund for allocation for those purposes in future fiscal years.
5552
5653 SECTION 1. Section 69431.8 is added to the Education Code, to read:
5754
5855 ### SECTION 1.
5956
6057 69431.8. (a) As used in this section, fund means the College Access Tax Credit Fund created by Section 17053.87 of the Revenue and Taxation Code.(b) Upon appropriation by the Legislature, any moneys allocated to the commission from the fund shall be available for the purposes of making awards to students in accordance with subdivision (c).(c) (1) The commission shall make annual disbursements from the moneys allocated from the fund to make Cal Grant Program awards as described in subdivision (a) of Section 69432.(2) Notwithstanding paragraph (1), if contributions to the fund in the calendar year exceed ten million dollars ($10,000,000), the moneys allocated from the fund shall be allocated to make annual disbursements as follows:(A) Eighty-five percent to make Cal Grant Program awards as described in subdivision (a) of Section 69432.(B) Fifteen percent to supplement awards for access costs as described in paragraph (2) of subdivision (c) of Section 69431.7.(d) If, after making supplemental awards pursuant to subparagraph (B) of paragraph (2) of subdivision (c) moneys remain in the fund, those moneys shall remain in the fund for allocation for those purposes in future fiscal years.
6158
6259 69431.8. (a) As used in this section, fund means the College Access Tax Credit Fund created by Section 17053.87 of the Revenue and Taxation Code.(b) Upon appropriation by the Legislature, any moneys allocated to the commission from the fund shall be available for the purposes of making awards to students in accordance with subdivision (c).(c) (1) The commission shall make annual disbursements from the moneys allocated from the fund to make Cal Grant Program awards as described in subdivision (a) of Section 69432.(2) Notwithstanding paragraph (1), if contributions to the fund in the calendar year exceed ten million dollars ($10,000,000), the moneys allocated from the fund shall be allocated to make annual disbursements as follows:(A) Eighty-five percent to make Cal Grant Program awards as described in subdivision (a) of Section 69432.(B) Fifteen percent to supplement awards for access costs as described in paragraph (2) of subdivision (c) of Section 69431.7.(d) If, after making supplemental awards pursuant to subparagraph (B) of paragraph (2) of subdivision (c) moneys remain in the fund, those moneys shall remain in the fund for allocation for those purposes in future fiscal years.
6360
6461 69431.8. (a) As used in this section, fund means the College Access Tax Credit Fund created by Section 17053.87 of the Revenue and Taxation Code.(b) Upon appropriation by the Legislature, any moneys allocated to the commission from the fund shall be available for the purposes of making awards to students in accordance with subdivision (c).(c) (1) The commission shall make annual disbursements from the moneys allocated from the fund to make Cal Grant Program awards as described in subdivision (a) of Section 69432.(2) Notwithstanding paragraph (1), if contributions to the fund in the calendar year exceed ten million dollars ($10,000,000), the moneys allocated from the fund shall be allocated to make annual disbursements as follows:(A) Eighty-five percent to make Cal Grant Program awards as described in subdivision (a) of Section 69432.(B) Fifteen percent to supplement awards for access costs as described in paragraph (2) of subdivision (c) of Section 69431.7.(d) If, after making supplemental awards pursuant to subparagraph (B) of paragraph (2) of subdivision (c) moneys remain in the fund, those moneys shall remain in the fund for allocation for those purposes in future fiscal years.
6562
6663
6764
6865 69431.8. (a) As used in this section, fund means the College Access Tax Credit Fund created by Section 17053.87 of the Revenue and Taxation Code.
6966
7067 (b) Upon appropriation by the Legislature, any moneys allocated to the commission from the fund shall be available for the purposes of making awards to students in accordance with subdivision (c).
7168
7269 (c) (1) The commission shall make annual disbursements from the moneys allocated from the fund to make Cal Grant Program awards as described in subdivision (a) of Section 69432.
7370
7471 (2) Notwithstanding paragraph (1), if contributions to the fund in the calendar year exceed ten million dollars ($10,000,000), the moneys allocated from the fund shall be allocated to make annual disbursements as follows:
7572
7673 (A) Eighty-five percent to make Cal Grant Program awards as described in subdivision (a) of Section 69432.
7774
7875 (B) Fifteen percent to supplement awards for access costs as described in paragraph (2) of subdivision (c) of Section 69431.7.
7976
8077 (d) If, after making supplemental awards pursuant to subparagraph (B) of paragraph (2) of subdivision (c) moneys remain in the fund, those moneys shall remain in the fund for allocation for those purposes in future fiscal years.
8178
82-SEC. 2. Section 12207 of the Revenue and Taxation Code is amended to read:12207. (a) (1) For the taxable years beginning on or after January 1, 2017, and before January 1, 2023, there shall be allowed as a credit against the tax, as described in Section 12202 or 12231, an amount equal to the percentage specified in paragraph (2) 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.(2) (A) For taxable years beginning before January 1, 2018, 50 percent.(B) For taxable years beginning on or after January 1, 2018, 75 percent.(b) (1) The aggregate amount of credit that may be allocated and certified pursuant to this section, Section 17053.87, and Section 23687 shall be an amount equal to one billion dollars ($1,000,000,000) for the 2018 calendar year and each calendar year thereafter.(2) (A) For the purposes of this section, the California Educational Facilities Authority shall do all of the following:(i) On a first-come-first-served basis, allocate and certify tax credits to taxpayers under this section.(ii) Establish a procedure for taxpayers to contribute to the College Access Tax Credit Fund and to obtain from the California Educational Facilities Authority a certification for the credit allowed by this section. The procedure shall require the California Educational Facilities Authority to certify the contribution amount eligible for credit within 45 days following receipt of the contribution.(iii) Provide to the Department of Insurance a copy of each credit certificate issued for the calendar year by March 1 of the calendar year immediately following the year in which those certificates are issued.(B) (i) The California Educational Facilities Authority shall adopt any regulations necessary or appropriate to implement this paragraph.(ii) The Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code) shall not apply to any regulation adopted by the California Educational Facilities Authority pursuant to clause (i).(c) In the case where the credit allowed by this section exceeds the tax, the excess may be carried over to reduce the tax in the following year, and succeeding five years if necessary, until the credit is exhausted.(d) The tax credit allowed by subdivision (a), subdivision (a) of Section 17053.87, and subdivision (a) of Section 23687 for donations to the College Access Tax Credit Fund shall be known as the College Access Tax Credit.(e) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.
79+SECTION 1.SEC. 2. Section 12207 of the Revenue and Taxation Code is amended to read:12207. (a) (1) For the taxable years beginning on or after January 1, 2017, and before January 1, 2023, there shall be allowed as a credit against the tax, as described in Section 12202 or 12231, an amount equal to 75 percent the percentage specified in paragraph (2) 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.(2) (A) For taxable years beginning before January 1, 2018, 50 percent.(B) For taxable years beginning on or after January 1, 2018, 75 percent.(b) (1) The aggregate amount of credit that may be allocated and certified pursuant to this section, Section 17053.87, and Section 23687 shall be an amount equal to seven hundred fifty million dollars ($750,000,000). one billion dollars ($1,000,000,000) for the 2018 calendar year and each calendar year thereafter.(2) (A) For the purposes of this section, the California Educational Facilities Authority shall do all of the following:(i) On a first-come-first-served basis, allocate and certify tax credits to taxpayers under this section.(ii) Establish a procedure for taxpayers to contribute to the College Access Tax Credit Fund and to obtain from the California Educational Facilities Authority a certification for the credit allowed by this section. The procedure shall require the California Educational Facilities Authority to certify the contribution amount eligible for credit within 45 days following receipt of the contribution.(iii) Provide to the Department of Insurance a copy of each credit certificate issued for the calendar year by March 1 of the calendar year immediately following the year in which those certificates are issued.(B) (i) The California Educational Facilities Authority shall adopt any regulations necessary or appropriate to implement this paragraph.(ii) The Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code) shall not apply to any regulation adopted by the California Educational Facilities Authority pursuant to clause (i).(c) In the case where the credit allowed by this section exceeds the tax, the excess may be carried over to reduce the tax in the following year, and succeeding five years if necessary, until the credit is exhausted.(d) The tax credit allowed by subdivision (a), subdivision (a) of Section 17053.87, and subdivision (a) of Section 23687 for donations to the College Access Tax Credit Fund shall be known as the College Access Tax Credit.(e) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.
8380
84-SEC. 2. Section 12207 of the Revenue and Taxation Code is amended to read:
81+SECTION 1.SEC. 2. Section 12207 of the Revenue and Taxation Code is amended to read:
8582
86-### SEC. 2.
83+### SECTION 1.SEC. 2.
8784
88-12207. (a) (1) For the taxable years beginning on or after January 1, 2017, and before January 1, 2023, there shall be allowed as a credit against the tax, as described in Section 12202 or 12231, an amount equal to the percentage specified in paragraph (2) 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.(2) (A) For taxable years beginning before January 1, 2018, 50 percent.(B) For taxable years beginning on or after January 1, 2018, 75 percent.(b) (1) The aggregate amount of credit that may be allocated and certified pursuant to this section, Section 17053.87, and Section 23687 shall be an amount equal to one billion dollars ($1,000,000,000) for the 2018 calendar year and each calendar year thereafter.(2) (A) For the purposes of this section, the California Educational Facilities Authority shall do all of the following:(i) On a first-come-first-served basis, allocate and certify tax credits to taxpayers under this section.(ii) Establish a procedure for taxpayers to contribute to the College Access Tax Credit Fund and to obtain from the California Educational Facilities Authority a certification for the credit allowed by this section. The procedure shall require the California Educational Facilities Authority to certify the contribution amount eligible for credit within 45 days following receipt of the contribution.(iii) Provide to the Department of Insurance a copy of each credit certificate issued for the calendar year by March 1 of the calendar year immediately following the year in which those certificates are issued.(B) (i) The California Educational Facilities Authority shall adopt any regulations necessary or appropriate to implement this paragraph.(ii) The Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code) shall not apply to any regulation adopted by the California Educational Facilities Authority pursuant to clause (i).(c) In the case where the credit allowed by this section exceeds the tax, the excess may be carried over to reduce the tax in the following year, and succeeding five years if necessary, until the credit is exhausted.(d) The tax credit allowed by subdivision (a), subdivision (a) of Section 17053.87, and subdivision (a) of Section 23687 for donations to the College Access Tax Credit Fund shall be known as the College Access Tax Credit.(e) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.
85+12207. (a) (1) For the taxable years beginning on or after January 1, 2017, and before January 1, 2023, there shall be allowed as a credit against the tax, as described in Section 12202 or 12231, an amount equal to 75 percent the percentage specified in paragraph (2) 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.(2) (A) For taxable years beginning before January 1, 2018, 50 percent.(B) For taxable years beginning on or after January 1, 2018, 75 percent.(b) (1) The aggregate amount of credit that may be allocated and certified pursuant to this section, Section 17053.87, and Section 23687 shall be an amount equal to seven hundred fifty million dollars ($750,000,000). one billion dollars ($1,000,000,000) for the 2018 calendar year and each calendar year thereafter.(2) (A) For the purposes of this section, the California Educational Facilities Authority shall do all of the following:(i) On a first-come-first-served basis, allocate and certify tax credits to taxpayers under this section.(ii) Establish a procedure for taxpayers to contribute to the College Access Tax Credit Fund and to obtain from the California Educational Facilities Authority a certification for the credit allowed by this section. The procedure shall require the California Educational Facilities Authority to certify the contribution amount eligible for credit within 45 days following receipt of the contribution.(iii) Provide to the Department of Insurance a copy of each credit certificate issued for the calendar year by March 1 of the calendar year immediately following the year in which those certificates are issued.(B) (i) The California Educational Facilities Authority shall adopt any regulations necessary or appropriate to implement this paragraph.(ii) The Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code) shall not apply to any regulation adopted by the California Educational Facilities Authority pursuant to clause (i).(c) In the case where the credit allowed by this section exceeds the tax, the excess may be carried over to reduce the tax in the following year, and succeeding five years if necessary, until the credit is exhausted.(d) The tax credit allowed by subdivision (a), subdivision (a) of Section 17053.87, and subdivision (a) of Section 23687 for donations to the College Access Tax Credit Fund shall be known as the College Access Tax Credit.(e) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.
8986
90-12207. (a) (1) For the taxable years beginning on or after January 1, 2017, and before January 1, 2023, there shall be allowed as a credit against the tax, as described in Section 12202 or 12231, an amount equal to the percentage specified in paragraph (2) 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.(2) (A) For taxable years beginning before January 1, 2018, 50 percent.(B) For taxable years beginning on or after January 1, 2018, 75 percent.(b) (1) The aggregate amount of credit that may be allocated and certified pursuant to this section, Section 17053.87, and Section 23687 shall be an amount equal to one billion dollars ($1,000,000,000) for the 2018 calendar year and each calendar year thereafter.(2) (A) For the purposes of this section, the California Educational Facilities Authority shall do all of the following:(i) On a first-come-first-served basis, allocate and certify tax credits to taxpayers under this section.(ii) Establish a procedure for taxpayers to contribute to the College Access Tax Credit Fund and to obtain from the California Educational Facilities Authority a certification for the credit allowed by this section. The procedure shall require the California Educational Facilities Authority to certify the contribution amount eligible for credit within 45 days following receipt of the contribution.(iii) Provide to the Department of Insurance a copy of each credit certificate issued for the calendar year by March 1 of the calendar year immediately following the year in which those certificates are issued.(B) (i) The California Educational Facilities Authority shall adopt any regulations necessary or appropriate to implement this paragraph.(ii) The Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code) shall not apply to any regulation adopted by the California Educational Facilities Authority pursuant to clause (i).(c) In the case where the credit allowed by this section exceeds the tax, the excess may be carried over to reduce the tax in the following year, and succeeding five years if necessary, until the credit is exhausted.(d) The tax credit allowed by subdivision (a), subdivision (a) of Section 17053.87, and subdivision (a) of Section 23687 for donations to the College Access Tax Credit Fund shall be known as the College Access Tax Credit.(e) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.
87+12207. (a) (1) For the taxable years beginning on or after January 1, 2017, and before January 1, 2023, there shall be allowed as a credit against the tax, as described in Section 12202 or 12231, an amount equal to 75 percent the percentage specified in paragraph (2) 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.(2) (A) For taxable years beginning before January 1, 2018, 50 percent.(B) For taxable years beginning on or after January 1, 2018, 75 percent.(b) (1) The aggregate amount of credit that may be allocated and certified pursuant to this section, Section 17053.87, and Section 23687 shall be an amount equal to seven hundred fifty million dollars ($750,000,000). one billion dollars ($1,000,000,000) for the 2018 calendar year and each calendar year thereafter.(2) (A) For the purposes of this section, the California Educational Facilities Authority shall do all of the following:(i) On a first-come-first-served basis, allocate and certify tax credits to taxpayers under this section.(ii) Establish a procedure for taxpayers to contribute to the College Access Tax Credit Fund and to obtain from the California Educational Facilities Authority a certification for the credit allowed by this section. The procedure shall require the California Educational Facilities Authority to certify the contribution amount eligible for credit within 45 days following receipt of the contribution.(iii) Provide to the Department of Insurance a copy of each credit certificate issued for the calendar year by March 1 of the calendar year immediately following the year in which those certificates are issued.(B) (i) The California Educational Facilities Authority shall adopt any regulations necessary or appropriate to implement this paragraph.(ii) The Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code) shall not apply to any regulation adopted by the California Educational Facilities Authority pursuant to clause (i).(c) In the case where the credit allowed by this section exceeds the tax, the excess may be carried over to reduce the tax in the following year, and succeeding five years if necessary, until the credit is exhausted.(d) The tax credit allowed by subdivision (a), subdivision (a) of Section 17053.87, and subdivision (a) of Section 23687 for donations to the College Access Tax Credit Fund shall be known as the College Access Tax Credit.(e) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.
9188
92-12207. (a) (1) For the taxable years beginning on or after January 1, 2017, and before January 1, 2023, there shall be allowed as a credit against the tax, as described in Section 12202 or 12231, an amount equal to the percentage specified in paragraph (2) 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.(2) (A) For taxable years beginning before January 1, 2018, 50 percent.(B) For taxable years beginning on or after January 1, 2018, 75 percent.(b) (1) The aggregate amount of credit that may be allocated and certified pursuant to this section, Section 17053.87, and Section 23687 shall be an amount equal to one billion dollars ($1,000,000,000) for the 2018 calendar year and each calendar year thereafter.(2) (A) For the purposes of this section, the California Educational Facilities Authority shall do all of the following:(i) On a first-come-first-served basis, allocate and certify tax credits to taxpayers under this section.(ii) Establish a procedure for taxpayers to contribute to the College Access Tax Credit Fund and to obtain from the California Educational Facilities Authority a certification for the credit allowed by this section. The procedure shall require the California Educational Facilities Authority to certify the contribution amount eligible for credit within 45 days following receipt of the contribution.(iii) Provide to the Department of Insurance a copy of each credit certificate issued for the calendar year by March 1 of the calendar year immediately following the year in which those certificates are issued.(B) (i) The California Educational Facilities Authority shall adopt any regulations necessary or appropriate to implement this paragraph.(ii) The Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code) shall not apply to any regulation adopted by the California Educational Facilities Authority pursuant to clause (i).(c) In the case where the credit allowed by this section exceeds the tax, the excess may be carried over to reduce the tax in the following year, and succeeding five years if necessary, until the credit is exhausted.(d) The tax credit allowed by subdivision (a), subdivision (a) of Section 17053.87, and subdivision (a) of Section 23687 for donations to the College Access Tax Credit Fund shall be known as the College Access Tax Credit.(e) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.
89+12207. (a) (1) For the taxable years beginning on or after January 1, 2017, and before January 1, 2023, there shall be allowed as a credit against the tax, as described in Section 12202 or 12231, an amount equal to 75 percent the percentage specified in paragraph (2) 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.(2) (A) For taxable years beginning before January 1, 2018, 50 percent.(B) For taxable years beginning on or after January 1, 2018, 75 percent.(b) (1) The aggregate amount of credit that may be allocated and certified pursuant to this section, Section 17053.87, and Section 23687 shall be an amount equal to seven hundred fifty million dollars ($750,000,000). one billion dollars ($1,000,000,000) for the 2018 calendar year and each calendar year thereafter.(2) (A) For the purposes of this section, the California Educational Facilities Authority shall do all of the following:(i) On a first-come-first-served basis, allocate and certify tax credits to taxpayers under this section.(ii) Establish a procedure for taxpayers to contribute to the College Access Tax Credit Fund and to obtain from the California Educational Facilities Authority a certification for the credit allowed by this section. The procedure shall require the California Educational Facilities Authority to certify the contribution amount eligible for credit within 45 days following receipt of the contribution.(iii) Provide to the Department of Insurance a copy of each credit certificate issued for the calendar year by March 1 of the calendar year immediately following the year in which those certificates are issued.(B) (i) The California Educational Facilities Authority shall adopt any regulations necessary or appropriate to implement this paragraph.(ii) The Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code) shall not apply to any regulation adopted by the California Educational Facilities Authority pursuant to clause (i).(c) In the case where the credit allowed by this section exceeds the tax, the excess may be carried over to reduce the tax in the following year, and succeeding five years if necessary, until the credit is exhausted.(d) The tax credit allowed by subdivision (a), subdivision (a) of Section 17053.87, and subdivision (a) of Section 23687 for donations to the College Access Tax Credit Fund shall be known as the College Access Tax Credit.(e) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.
9390
9491
9592
96-12207. (a) (1) For the taxable years beginning on or after January 1, 2017, and before January 1, 2023, there shall be allowed as a credit against the tax, as described in Section 12202 or 12231, an amount equal to the percentage specified in paragraph (2) 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.
93+12207. (a) (1) For the taxable years beginning on or after January 1, 2017, and before January 1, 2023, there shall be allowed as a credit against the tax, as described in Section 12202 or 12231, an amount equal to 75 percent the percentage specified in paragraph (2) 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.
9794
9895 (2) (A) For taxable years beginning before January 1, 2018, 50 percent.
9996
10097 (B) For taxable years beginning on or after January 1, 2018, 75 percent.
10198
102-(b) (1) The aggregate amount of credit that may be allocated and certified pursuant to this section, Section 17053.87, and Section 23687 shall be an amount equal to one billion dollars ($1,000,000,000) for the 2018 calendar year and each calendar year thereafter.
99+(b) (1) The aggregate amount of credit that may be allocated and certified pursuant to this section, Section 17053.87, and Section 23687 shall be an amount equal to seven hundred fifty million dollars ($750,000,000). one billion dollars ($1,000,000,000) for the 2018 calendar year and each calendar year thereafter.
103100
104101 (2) (A) For the purposes of this section, the California Educational Facilities Authority shall do all of the following:
105102
106103 (i) On a first-come-first-served basis, allocate and certify tax credits to taxpayers under this section.
107104
108105 (ii) Establish a procedure for taxpayers to contribute to the College Access Tax Credit Fund and to obtain from the California Educational Facilities Authority a certification for the credit allowed by this section. The procedure shall require the California Educational Facilities Authority to certify the contribution amount eligible for credit within 45 days following receipt of the contribution.
109106
110107 (iii) Provide to the Department of Insurance a copy of each credit certificate issued for the calendar year by March 1 of the calendar year immediately following the year in which those certificates are issued.
111108
112109 (B) (i) The California Educational Facilities Authority shall adopt any regulations necessary or appropriate to implement this paragraph.
113110
114111 (ii) The Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code) shall not apply to any regulation adopted by the California Educational Facilities Authority pursuant to clause (i).
115112
116113 (c) In the case where the credit allowed by this section exceeds the tax, the excess may be carried over to reduce the tax in the following year, and succeeding five years if necessary, until the credit is exhausted.
117114
118115 (d) The tax credit allowed by subdivision (a), subdivision (a) of Section 17053.87, and subdivision (a) of Section 23687 for donations to the College Access Tax Credit Fund shall be known as the College Access Tax Credit.
119116
120117 (e) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.
121118
122-SEC. 3. Section 17053.87 of the Revenue and Taxation Code is amended to read:17053.87. (a) (1) For the taxable years beginning on or after January 1, 2017, and before January 1, 2023, there shall be allowed as a credit against the net tax, as defined in Section 17039, an amount equal to the percentage specified in paragraph (2) 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.(2) (A) For taxable years beginning before January 1, 2018, 50 percent.(B) For taxable years beginning on or after January 1, 2018, 75 percent.(b) (1) The aggregate amount of credit that may be allocated and certified pursuant to this section, Section 12207, and Section 23687 shall be an amount equal to one billion dollars ($1,000,000,000) for the 2018 calendar year and each calendar year thereafter.(2) (A) For the purposes of this section, the California Educational Facilities Authority shall do all of the following:(i) On a first-come-first-served basis, allocate and certify tax credits to taxpayers under this section.(ii) Establish a procedure for taxpayers to contribute to the College Access Tax Credit Fund and to obtain from the California Educational Facilities Authority a certification for the credit allowed by this section. The procedure shall require the California Educational Facilities Authority to certify the contribution amount eligible for credit within 45 days following receipt of the contribution.(iii) Provide to the Franchise Tax Board a copy of each credit certificate issued for the calendar year by March 1 of the calendar year immediately following the year in which those certificates are issued.(B) (i) The California Educational Facilities Authority shall adopt any regulations necessary or appropriate to implement this paragraph.(ii) The Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code) shall not apply to any regulation adopted by the California Educational Facilities Authority pursuant to clause (i).(c) (1) In the case where the credit allowed by this section exceeds the net tax, the excess may be carried over to reduce the net tax in the following year, and succeeding five years if necessary, until the credit is exhausted.(2) A deduction shall not be allowed under this part for amounts taken into account under this section in calculating the credit allowed by this section.(d) (1) The College Access Tax Credit Fund is hereby created as a special fund in the State Treasury. All revenue in this special fund shall be allocated as follows:(A) First, to the General Fund in an amount equal to the aggregate amount of certified credits allowed pursuant to this section and Section 23687 for the taxable year. Funds allocated to the General Fund shall be considered General Fund revenues for purposes of Sections 8 and 8.5 of Article XVI of the California Constitution.(B) Second, upon appropriation, to the Department of Insurance, the Franchise Tax Board, the California Educational Facilities Authority, the Controller, and the Student Aid Commission for reimbursement of all administrative costs incurred by those agencies in connection with their duties under this section, Section 12207, Section 23687, and Sections 69431.7 and 69431.8 of the Education Code.(C) Third, notwithstanding Section 13340 of the Government Code, the remaining revenue from contributions to the College Access Tax Credit Fund made before January 1, 2019, shall be continuously appropriated to the Student Aid Commission for purposes of awarding Cal Grants to students subject to Section 69431.7 of the Education Code.(D) Fourth, upon appropriation by the Legislature, the remaining revenues from contributions to the College Access Tax Credit Fund made on and after January 1, 2019, to the Student Aid Commission for the purposes of awarding Cal Grants to students pursuant to Section 69431.8 of the Education Code.(2) The tax credit allowed by subdivision (a), subdivision (a) of Section 12207, and subdivision (a) of Section 23687 for donations to the College Access Tax Credit Fund shall be known as the College Access Tax Credit.(e) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.
119+SEC. 2.SEC. 3. Section 17053.87 of the Revenue and Taxation Code is amended to read:17053.87. (a) (1) For the taxable years beginning on or after January 1, 2017, and before January 1, 2023, there shall be allowed as a credit against the net tax, as defined in Section 17039, an amount equal to 75 percent the percentage specified in paragraph (2) 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.(2) (A) For taxable years beginning before January 1, 2018, 50 percent.(B) For taxable years beginning on or after January 1, 2018, 75 percent.(b) (1) The aggregate amount of credit that may be allocated and certified pursuant to this section, Section 12207, and Section 23687 shall be an amount equal to seven hundred fifty million dollars ($750,000,000). one billion dollars ($1,000,000,000) for the 2018 calendar year and each calendar year thereafter.(2) (A) For the purposes of this section, the California Educational Facilities Authority shall do all of the following:(i) On a first-come-first-served basis, allocate and certify tax credits to taxpayers under this section.(ii) Establish a procedure for taxpayers to contribute to the College Access Tax Credit Fund and to obtain from the California Educational Facilities Authority a certification for the credit allowed by this section. The procedure shall require the California Educational Facilities Authority to certify the contribution amount eligible for credit within 45 days following receipt of the contribution.(iii) Provide to the Franchise Tax Board a copy of each credit certificate issued for the calendar year by March 1 of the calendar year immediately following the year in which those certificates are issued.(B) (i) The California Educational Facilities Authority shall adopt any regulations necessary or appropriate to implement this paragraph.(ii) The Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code) shall not apply to any regulation adopted by the California Educational Facilities Authority pursuant to clause (i).(c) (1) In the case where the credit allowed by this section exceeds the net tax, the excess may be carried over to reduce the net tax in the following year, and succeeding five years if necessary, until the credit is exhausted.(2) A deduction shall not be allowed under this part for amounts taken into account under this section in calculating the credit allowed by this section.(d) (1) The College Access Tax Credit Fund is hereby created as a special fund in the State Treasury. All revenue in this special fund shall be allocated as follows:(A) First First, to the General Fund in an amount equal to the aggregate amount of certified credits allowed pursuant to this section and Section 23687 for the taxable year. Funds allocated to the General Fund shall be considered General Fund revenues for purposes of Sections 8 and 8.5 of Article XVI of the California Constitution.(B) Second, upon appropriation, to the Department of Insurance, the Franchise Tax Board, the California Educational Facilities Authority, the Controller, and the Student Aid Commission for reimbursement of all administrative costs incurred by those agencies in connection with their duties under this section, Section 12207, Section 23687, and Section Sections 69431.7 and 69431.8 of the Education Code.(C) Third, notwithstanding Section 13340 of the Government Code, the remaining revenue from contributions to the College Access Tax Credit Fund made before January 1, 2019, shall be continuously appropriated to the Student Aid Commission for purposes of awarding Cal Grants to students subject to Section 69431.7 of the Education Code.(D) Fourth, upon appropriation by the Legislature, the remaining revenues from contributions to the College Access Tax Credit Fund made on and after January 1, 2019, to the Student Aid Commission for the purposes of awarding Cal Grants to students pursuant to Section 69431.8 of the Education Code.(2) The tax credit allowed by subdivision (a), subdivision (a) of Section 12207, and subdivision (a) of Section 23687 for donations to the College Access Tax Credit Fund shall be known as the College Access Tax Credit.(e) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.
123120
124-SEC. 3. Section 17053.87 of the Revenue and Taxation Code is amended to read:
121+SEC. 2.SEC. 3. Section 17053.87 of the Revenue and Taxation Code is amended to read:
125122
126-### SEC. 3.
123+### SEC. 2.SEC. 3.
127124
128-17053.87. (a) (1) For the taxable years beginning on or after January 1, 2017, and before January 1, 2023, there shall be allowed as a credit against the net tax, as defined in Section 17039, an amount equal to the percentage specified in paragraph (2) 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.(2) (A) For taxable years beginning before January 1, 2018, 50 percent.(B) For taxable years beginning on or after January 1, 2018, 75 percent.(b) (1) The aggregate amount of credit that may be allocated and certified pursuant to this section, Section 12207, and Section 23687 shall be an amount equal to one billion dollars ($1,000,000,000) for the 2018 calendar year and each calendar year thereafter.(2) (A) For the purposes of this section, the California Educational Facilities Authority shall do all of the following:(i) On a first-come-first-served basis, allocate and certify tax credits to taxpayers under this section.(ii) Establish a procedure for taxpayers to contribute to the College Access Tax Credit Fund and to obtain from the California Educational Facilities Authority a certification for the credit allowed by this section. The procedure shall require the California Educational Facilities Authority to certify the contribution amount eligible for credit within 45 days following receipt of the contribution.(iii) Provide to the Franchise Tax Board a copy of each credit certificate issued for the calendar year by March 1 of the calendar year immediately following the year in which those certificates are issued.(B) (i) The California Educational Facilities Authority shall adopt any regulations necessary or appropriate to implement this paragraph.(ii) The Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code) shall not apply to any regulation adopted by the California Educational Facilities Authority pursuant to clause (i).(c) (1) In the case where the credit allowed by this section exceeds the net tax, the excess may be carried over to reduce the net tax in the following year, and succeeding five years if necessary, until the credit is exhausted.(2) A deduction shall not be allowed under this part for amounts taken into account under this section in calculating the credit allowed by this section.(d) (1) The College Access Tax Credit Fund is hereby created as a special fund in the State Treasury. All revenue in this special fund shall be allocated as follows:(A) First, to the General Fund in an amount equal to the aggregate amount of certified credits allowed pursuant to this section and Section 23687 for the taxable year. Funds allocated to the General Fund shall be considered General Fund revenues for purposes of Sections 8 and 8.5 of Article XVI of the California Constitution.(B) Second, upon appropriation, to the Department of Insurance, the Franchise Tax Board, the California Educational Facilities Authority, the Controller, and the Student Aid Commission for reimbursement of all administrative costs incurred by those agencies in connection with their duties under this section, Section 12207, Section 23687, and Sections 69431.7 and 69431.8 of the Education Code.(C) Third, notwithstanding Section 13340 of the Government Code, the remaining revenue from contributions to the College Access Tax Credit Fund made before January 1, 2019, shall be continuously appropriated to the Student Aid Commission for purposes of awarding Cal Grants to students subject to Section 69431.7 of the Education Code.(D) Fourth, upon appropriation by the Legislature, the remaining revenues from contributions to the College Access Tax Credit Fund made on and after January 1, 2019, to the Student Aid Commission for the purposes of awarding Cal Grants to students pursuant to Section 69431.8 of the Education Code.(2) The tax credit allowed by subdivision (a), subdivision (a) of Section 12207, and subdivision (a) of Section 23687 for donations to the College Access Tax Credit Fund shall be known as the College Access Tax Credit.(e) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.
125+17053.87. (a) (1) For the taxable years beginning on or after January 1, 2017, and before January 1, 2023, there shall be allowed as a credit against the net tax, as defined in Section 17039, an amount equal to 75 percent the percentage specified in paragraph (2) 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.(2) (A) For taxable years beginning before January 1, 2018, 50 percent.(B) For taxable years beginning on or after January 1, 2018, 75 percent.(b) (1) The aggregate amount of credit that may be allocated and certified pursuant to this section, Section 12207, and Section 23687 shall be an amount equal to seven hundred fifty million dollars ($750,000,000). one billion dollars ($1,000,000,000) for the 2018 calendar year and each calendar year thereafter.(2) (A) For the purposes of this section, the California Educational Facilities Authority shall do all of the following:(i) On a first-come-first-served basis, allocate and certify tax credits to taxpayers under this section.(ii) Establish a procedure for taxpayers to contribute to the College Access Tax Credit Fund and to obtain from the California Educational Facilities Authority a certification for the credit allowed by this section. The procedure shall require the California Educational Facilities Authority to certify the contribution amount eligible for credit within 45 days following receipt of the contribution.(iii) Provide to the Franchise Tax Board a copy of each credit certificate issued for the calendar year by March 1 of the calendar year immediately following the year in which those certificates are issued.(B) (i) The California Educational Facilities Authority shall adopt any regulations necessary or appropriate to implement this paragraph.(ii) The Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code) shall not apply to any regulation adopted by the California Educational Facilities Authority pursuant to clause (i).(c) (1) In the case where the credit allowed by this section exceeds the net tax, the excess may be carried over to reduce the net tax in the following year, and succeeding five years if necessary, until the credit is exhausted.(2) A deduction shall not be allowed under this part for amounts taken into account under this section in calculating the credit allowed by this section.(d) (1) The College Access Tax Credit Fund is hereby created as a special fund in the State Treasury. All revenue in this special fund shall be allocated as follows:(A) First First, to the General Fund in an amount equal to the aggregate amount of certified credits allowed pursuant to this section and Section 23687 for the taxable year. Funds allocated to the General Fund shall be considered General Fund revenues for purposes of Sections 8 and 8.5 of Article XVI of the California Constitution.(B) Second, upon appropriation, to the Department of Insurance, the Franchise Tax Board, the California Educational Facilities Authority, the Controller, and the Student Aid Commission for reimbursement of all administrative costs incurred by those agencies in connection with their duties under this section, Section 12207, Section 23687, and Section Sections 69431.7 and 69431.8 of the Education Code.(C) Third, notwithstanding Section 13340 of the Government Code, the remaining revenue from contributions to the College Access Tax Credit Fund made before January 1, 2019, shall be continuously appropriated to the Student Aid Commission for purposes of awarding Cal Grants to students subject to Section 69431.7 of the Education Code.(D) Fourth, upon appropriation by the Legislature, the remaining revenues from contributions to the College Access Tax Credit Fund made on and after January 1, 2019, to the Student Aid Commission for the purposes of awarding Cal Grants to students pursuant to Section 69431.8 of the Education Code.(2) The tax credit allowed by subdivision (a), subdivision (a) of Section 12207, and subdivision (a) of Section 23687 for donations to the College Access Tax Credit Fund shall be known as the College Access Tax Credit.(e) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.
129126
130-17053.87. (a) (1) For the taxable years beginning on or after January 1, 2017, and before January 1, 2023, there shall be allowed as a credit against the net tax, as defined in Section 17039, an amount equal to the percentage specified in paragraph (2) 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.(2) (A) For taxable years beginning before January 1, 2018, 50 percent.(B) For taxable years beginning on or after January 1, 2018, 75 percent.(b) (1) The aggregate amount of credit that may be allocated and certified pursuant to this section, Section 12207, and Section 23687 shall be an amount equal to one billion dollars ($1,000,000,000) for the 2018 calendar year and each calendar year thereafter.(2) (A) For the purposes of this section, the California Educational Facilities Authority shall do all of the following:(i) On a first-come-first-served basis, allocate and certify tax credits to taxpayers under this section.(ii) Establish a procedure for taxpayers to contribute to the College Access Tax Credit Fund and to obtain from the California Educational Facilities Authority a certification for the credit allowed by this section. The procedure shall require the California Educational Facilities Authority to certify the contribution amount eligible for credit within 45 days following receipt of the contribution.(iii) Provide to the Franchise Tax Board a copy of each credit certificate issued for the calendar year by March 1 of the calendar year immediately following the year in which those certificates are issued.(B) (i) The California Educational Facilities Authority shall adopt any regulations necessary or appropriate to implement this paragraph.(ii) The Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code) shall not apply to any regulation adopted by the California Educational Facilities Authority pursuant to clause (i).(c) (1) In the case where the credit allowed by this section exceeds the net tax, the excess may be carried over to reduce the net tax in the following year, and succeeding five years if necessary, until the credit is exhausted.(2) A deduction shall not be allowed under this part for amounts taken into account under this section in calculating the credit allowed by this section.(d) (1) The College Access Tax Credit Fund is hereby created as a special fund in the State Treasury. All revenue in this special fund shall be allocated as follows:(A) First, to the General Fund in an amount equal to the aggregate amount of certified credits allowed pursuant to this section and Section 23687 for the taxable year. Funds allocated to the General Fund shall be considered General Fund revenues for purposes of Sections 8 and 8.5 of Article XVI of the California Constitution.(B) Second, upon appropriation, to the Department of Insurance, the Franchise Tax Board, the California Educational Facilities Authority, the Controller, and the Student Aid Commission for reimbursement of all administrative costs incurred by those agencies in connection with their duties under this section, Section 12207, Section 23687, and Sections 69431.7 and 69431.8 of the Education Code.(C) Third, notwithstanding Section 13340 of the Government Code, the remaining revenue from contributions to the College Access Tax Credit Fund made before January 1, 2019, shall be continuously appropriated to the Student Aid Commission for purposes of awarding Cal Grants to students subject to Section 69431.7 of the Education Code.(D) Fourth, upon appropriation by the Legislature, the remaining revenues from contributions to the College Access Tax Credit Fund made on and after January 1, 2019, to the Student Aid Commission for the purposes of awarding Cal Grants to students pursuant to Section 69431.8 of the Education Code.(2) The tax credit allowed by subdivision (a), subdivision (a) of Section 12207, and subdivision (a) of Section 23687 for donations to the College Access Tax Credit Fund shall be known as the College Access Tax Credit.(e) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.
127+17053.87. (a) (1) For the taxable years beginning on or after January 1, 2017, and before January 1, 2023, there shall be allowed as a credit against the net tax, as defined in Section 17039, an amount equal to 75 percent the percentage specified in paragraph (2) 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.(2) (A) For taxable years beginning before January 1, 2018, 50 percent.(B) For taxable years beginning on or after January 1, 2018, 75 percent.(b) (1) The aggregate amount of credit that may be allocated and certified pursuant to this section, Section 12207, and Section 23687 shall be an amount equal to seven hundred fifty million dollars ($750,000,000). one billion dollars ($1,000,000,000) for the 2018 calendar year and each calendar year thereafter.(2) (A) For the purposes of this section, the California Educational Facilities Authority shall do all of the following:(i) On a first-come-first-served basis, allocate and certify tax credits to taxpayers under this section.(ii) Establish a procedure for taxpayers to contribute to the College Access Tax Credit Fund and to obtain from the California Educational Facilities Authority a certification for the credit allowed by this section. The procedure shall require the California Educational Facilities Authority to certify the contribution amount eligible for credit within 45 days following receipt of the contribution.(iii) Provide to the Franchise Tax Board a copy of each credit certificate issued for the calendar year by March 1 of the calendar year immediately following the year in which those certificates are issued.(B) (i) The California Educational Facilities Authority shall adopt any regulations necessary or appropriate to implement this paragraph.(ii) The Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code) shall not apply to any regulation adopted by the California Educational Facilities Authority pursuant to clause (i).(c) (1) In the case where the credit allowed by this section exceeds the net tax, the excess may be carried over to reduce the net tax in the following year, and succeeding five years if necessary, until the credit is exhausted.(2) A deduction shall not be allowed under this part for amounts taken into account under this section in calculating the credit allowed by this section.(d) (1) The College Access Tax Credit Fund is hereby created as a special fund in the State Treasury. All revenue in this special fund shall be allocated as follows:(A) First First, to the General Fund in an amount equal to the aggregate amount of certified credits allowed pursuant to this section and Section 23687 for the taxable year. Funds allocated to the General Fund shall be considered General Fund revenues for purposes of Sections 8 and 8.5 of Article XVI of the California Constitution.(B) Second, upon appropriation, to the Department of Insurance, the Franchise Tax Board, the California Educational Facilities Authority, the Controller, and the Student Aid Commission for reimbursement of all administrative costs incurred by those agencies in connection with their duties under this section, Section 12207, Section 23687, and Section Sections 69431.7 and 69431.8 of the Education Code.(C) Third, notwithstanding Section 13340 of the Government Code, the remaining revenue from contributions to the College Access Tax Credit Fund made before January 1, 2019, shall be continuously appropriated to the Student Aid Commission for purposes of awarding Cal Grants to students subject to Section 69431.7 of the Education Code.(D) Fourth, upon appropriation by the Legislature, the remaining revenues from contributions to the College Access Tax Credit Fund made on and after January 1, 2019, to the Student Aid Commission for the purposes of awarding Cal Grants to students pursuant to Section 69431.8 of the Education Code.(2) The tax credit allowed by subdivision (a), subdivision (a) of Section 12207, and subdivision (a) of Section 23687 for donations to the College Access Tax Credit Fund shall be known as the College Access Tax Credit.(e) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.
131128
132-17053.87. (a) (1) For the taxable years beginning on or after January 1, 2017, and before January 1, 2023, there shall be allowed as a credit against the net tax, as defined in Section 17039, an amount equal to the percentage specified in paragraph (2) 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.(2) (A) For taxable years beginning before January 1, 2018, 50 percent.(B) For taxable years beginning on or after January 1, 2018, 75 percent.(b) (1) The aggregate amount of credit that may be allocated and certified pursuant to this section, Section 12207, and Section 23687 shall be an amount equal to one billion dollars ($1,000,000,000) for the 2018 calendar year and each calendar year thereafter.(2) (A) For the purposes of this section, the California Educational Facilities Authority shall do all of the following:(i) On a first-come-first-served basis, allocate and certify tax credits to taxpayers under this section.(ii) Establish a procedure for taxpayers to contribute to the College Access Tax Credit Fund and to obtain from the California Educational Facilities Authority a certification for the credit allowed by this section. The procedure shall require the California Educational Facilities Authority to certify the contribution amount eligible for credit within 45 days following receipt of the contribution.(iii) Provide to the Franchise Tax Board a copy of each credit certificate issued for the calendar year by March 1 of the calendar year immediately following the year in which those certificates are issued.(B) (i) The California Educational Facilities Authority shall adopt any regulations necessary or appropriate to implement this paragraph.(ii) The Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code) shall not apply to any regulation adopted by the California Educational Facilities Authority pursuant to clause (i).(c) (1) In the case where the credit allowed by this section exceeds the net tax, the excess may be carried over to reduce the net tax in the following year, and succeeding five years if necessary, until the credit is exhausted.(2) A deduction shall not be allowed under this part for amounts taken into account under this section in calculating the credit allowed by this section.(d) (1) The College Access Tax Credit Fund is hereby created as a special fund in the State Treasury. All revenue in this special fund shall be allocated as follows:(A) First, to the General Fund in an amount equal to the aggregate amount of certified credits allowed pursuant to this section and Section 23687 for the taxable year. Funds allocated to the General Fund shall be considered General Fund revenues for purposes of Sections 8 and 8.5 of Article XVI of the California Constitution.(B) Second, upon appropriation, to the Department of Insurance, the Franchise Tax Board, the California Educational Facilities Authority, the Controller, and the Student Aid Commission for reimbursement of all administrative costs incurred by those agencies in connection with their duties under this section, Section 12207, Section 23687, and Sections 69431.7 and 69431.8 of the Education Code.(C) Third, notwithstanding Section 13340 of the Government Code, the remaining revenue from contributions to the College Access Tax Credit Fund made before January 1, 2019, shall be continuously appropriated to the Student Aid Commission for purposes of awarding Cal Grants to students subject to Section 69431.7 of the Education Code.(D) Fourth, upon appropriation by the Legislature, the remaining revenues from contributions to the College Access Tax Credit Fund made on and after January 1, 2019, to the Student Aid Commission for the purposes of awarding Cal Grants to students pursuant to Section 69431.8 of the Education Code.(2) The tax credit allowed by subdivision (a), subdivision (a) of Section 12207, and subdivision (a) of Section 23687 for donations to the College Access Tax Credit Fund shall be known as the College Access Tax Credit.(e) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.
129+17053.87. (a) (1) For the taxable years beginning on or after January 1, 2017, and before January 1, 2023, there shall be allowed as a credit against the net tax, as defined in Section 17039, an amount equal to 75 percent the percentage specified in paragraph (2) 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.(2) (A) For taxable years beginning before January 1, 2018, 50 percent.(B) For taxable years beginning on or after January 1, 2018, 75 percent.(b) (1) The aggregate amount of credit that may be allocated and certified pursuant to this section, Section 12207, and Section 23687 shall be an amount equal to seven hundred fifty million dollars ($750,000,000). one billion dollars ($1,000,000,000) for the 2018 calendar year and each calendar year thereafter.(2) (A) For the purposes of this section, the California Educational Facilities Authority shall do all of the following:(i) On a first-come-first-served basis, allocate and certify tax credits to taxpayers under this section.(ii) Establish a procedure for taxpayers to contribute to the College Access Tax Credit Fund and to obtain from the California Educational Facilities Authority a certification for the credit allowed by this section. The procedure shall require the California Educational Facilities Authority to certify the contribution amount eligible for credit within 45 days following receipt of the contribution.(iii) Provide to the Franchise Tax Board a copy of each credit certificate issued for the calendar year by March 1 of the calendar year immediately following the year in which those certificates are issued.(B) (i) The California Educational Facilities Authority shall adopt any regulations necessary or appropriate to implement this paragraph.(ii) The Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code) shall not apply to any regulation adopted by the California Educational Facilities Authority pursuant to clause (i).(c) (1) In the case where the credit allowed by this section exceeds the net tax, the excess may be carried over to reduce the net tax in the following year, and succeeding five years if necessary, until the credit is exhausted.(2) A deduction shall not be allowed under this part for amounts taken into account under this section in calculating the credit allowed by this section.(d) (1) The College Access Tax Credit Fund is hereby created as a special fund in the State Treasury. All revenue in this special fund shall be allocated as follows:(A) First First, to the General Fund in an amount equal to the aggregate amount of certified credits allowed pursuant to this section and Section 23687 for the taxable year. Funds allocated to the General Fund shall be considered General Fund revenues for purposes of Sections 8 and 8.5 of Article XVI of the California Constitution.(B) Second, upon appropriation, to the Department of Insurance, the Franchise Tax Board, the California Educational Facilities Authority, the Controller, and the Student Aid Commission for reimbursement of all administrative costs incurred by those agencies in connection with their duties under this section, Section 12207, Section 23687, and Section Sections 69431.7 and 69431.8 of the Education Code.(C) Third, notwithstanding Section 13340 of the Government Code, the remaining revenue from contributions to the College Access Tax Credit Fund made before January 1, 2019, shall be continuously appropriated to the Student Aid Commission for purposes of awarding Cal Grants to students subject to Section 69431.7 of the Education Code.(D) Fourth, upon appropriation by the Legislature, the remaining revenues from contributions to the College Access Tax Credit Fund made on and after January 1, 2019, to the Student Aid Commission for the purposes of awarding Cal Grants to students pursuant to Section 69431.8 of the Education Code.(2) The tax credit allowed by subdivision (a), subdivision (a) of Section 12207, and subdivision (a) of Section 23687 for donations to the College Access Tax Credit Fund shall be known as the College Access Tax Credit.(e) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.
133130
134131
135132
136-17053.87. (a) (1) For the taxable years beginning on or after January 1, 2017, and before January 1, 2023, there shall be allowed as a credit against the net tax, as defined in Section 17039, an amount equal to the percentage specified in paragraph (2) 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.
133+17053.87. (a) (1) For the taxable years beginning on or after January 1, 2017, and before January 1, 2023, there shall be allowed as a credit against the net tax, as defined in Section 17039, an amount equal to 75 percent the percentage specified in paragraph (2) 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.
137134
138135 (2) (A) For taxable years beginning before January 1, 2018, 50 percent.
139136
140137 (B) For taxable years beginning on or after January 1, 2018, 75 percent.
141138
142-(b) (1) The aggregate amount of credit that may be allocated and certified pursuant to this section, Section 12207, and Section 23687 shall be an amount equal to one billion dollars ($1,000,000,000) for the 2018 calendar year and each calendar year thereafter.
139+(b) (1) The aggregate amount of credit that may be allocated and certified pursuant to this section, Section 12207, and Section 23687 shall be an amount equal to seven hundred fifty million dollars ($750,000,000). one billion dollars ($1,000,000,000) for the 2018 calendar year and each calendar year thereafter.
143140
144141 (2) (A) For the purposes of this section, the California Educational Facilities Authority shall do all of the following:
145142
146143 (i) On a first-come-first-served basis, allocate and certify tax credits to taxpayers under this section.
147144
148145 (ii) Establish a procedure for taxpayers to contribute to the College Access Tax Credit Fund and to obtain from the California Educational Facilities Authority a certification for the credit allowed by this section. The procedure shall require the California Educational Facilities Authority to certify the contribution amount eligible for credit within 45 days following receipt of the contribution.
149146
150147 (iii) Provide to the Franchise Tax Board a copy of each credit certificate issued for the calendar year by March 1 of the calendar year immediately following the year in which those certificates are issued.
151148
152149 (B) (i) The California Educational Facilities Authority shall adopt any regulations necessary or appropriate to implement this paragraph.
153150
154151 (ii) The Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code) shall not apply to any regulation adopted by the California Educational Facilities Authority pursuant to clause (i).
155152
156153 (c) (1) In the case where the credit allowed by this section exceeds the net tax, the excess may be carried over to reduce the net tax in the following year, and succeeding five years if necessary, until the credit is exhausted.
157154
158155 (2) A deduction shall not be allowed under this part for amounts taken into account under this section in calculating the credit allowed by this section.
159156
160157 (d) (1) The College Access Tax Credit Fund is hereby created as a special fund in the State Treasury. All revenue in this special fund shall be allocated as follows:
161158
162-(A) First, to the General Fund in an amount equal to the aggregate amount of certified credits allowed pursuant to this section and Section 23687 for the taxable year. Funds allocated to the General Fund shall be considered General Fund revenues for purposes of Sections 8 and 8.5 of Article XVI of the California Constitution.
159+(A) First First, to the General Fund in an amount equal to the aggregate amount of certified credits allowed pursuant to this section and Section 23687 for the taxable year. Funds allocated to the General Fund shall be considered General Fund revenues for purposes of Sections 8 and 8.5 of Article XVI of the California Constitution.
163160
164-(B) Second, upon appropriation, to the Department of Insurance, the Franchise Tax Board, the California Educational Facilities Authority, the Controller, and the Student Aid Commission for reimbursement of all administrative costs incurred by those agencies in connection with their duties under this section, Section 12207, Section 23687, and Sections 69431.7 and 69431.8 of the Education Code.
161+(B) Second, upon appropriation, to the Department of Insurance, the Franchise Tax Board, the California Educational Facilities Authority, the Controller, and the Student Aid Commission for reimbursement of all administrative costs incurred by those agencies in connection with their duties under this section, Section 12207, Section 23687, and Section Sections 69431.7 and 69431.8 of the Education Code.
165162
166163 (C) Third, notwithstanding Section 13340 of the Government Code, the remaining revenue from contributions to the College Access Tax Credit Fund made before January 1, 2019, shall be continuously appropriated to the Student Aid Commission for purposes of awarding Cal Grants to students subject to Section 69431.7 of the Education Code.
167164
168165 (D) Fourth, upon appropriation by the Legislature, the remaining revenues from contributions to the College Access Tax Credit Fund made on and after January 1, 2019, to the Student Aid Commission for the purposes of awarding Cal Grants to students pursuant to Section 69431.8 of the Education Code.
169166
170167 (2) The tax credit allowed by subdivision (a), subdivision (a) of Section 12207, and subdivision (a) of Section 23687 for donations to the College Access Tax Credit Fund shall be known as the College Access Tax Credit.
171168
172169 (e) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.
173170
174-SEC. 4. Section 23687 of the Revenue and Taxation Code is amended to read:23687. (a) (1) For taxable years beginning on or after January 1, 2017, and before January 1, 2023, there shall be allowed as a credit against the tax, as defined in Section 23036, an amount equal to the percentage specified in paragraph (2) 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.(2) (A) For taxable years beginning before January 1, 2018, 50 percent.(B) For taxable years beginning on or after January 1, 2018, 75 percent.(b) (1) The aggregate amount of credit that may be allocated and certified pursuant to this section, Section 12207, and Section 17053.87 shall be an amount equal to one billion dollars ($1,000,000,000) for the 2018 calendar year and each calendar year thereafter.(2) (A) For the purposes of this section, the California Educational Facilities Authority shall do all of the following:(i) On a first-come-first-served basis, allocate and certify tax credits to taxpayers under this section.(ii) Establish a procedure for taxpayers to contribute to the College Access Tax Credit Fund and to obtain from the California Educational Facilities Authority a certification for the credit allowed by this section. The procedure shall require the California Educational Facilities Authority to certify the contribution amount eligible for credit within 45 days following receipt of the contribution.(iii) Provide to the Franchise Tax Board a copy of each credit certificate issued for the calendar year by March 1 of the calendar year immediately following the year in which those certificates are issued.(B) (i) The California Educational Facilities Authority shall adopt any regulations necessary or appropriate to implement this paragraph.(ii) The Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code) shall not apply to any regulation adopted by the California Educational Facilities Authority pursuant to clause (i).(c) (1) In the case where the credit allowed by this section exceeds the tax, the excess may be carried over to reduce the tax in the following year, and succeeding five years if necessary, until the credit is exhausted.(2) A deduction shall not be allowed under this part for amounts taken into account under this section in calculating the credit allowed by this section.(d) The tax credit allowed by subdivision (a), subdivision (a) of Section 12207, and subdivision (a) of Section 17053.87 for donations to the College Access Tax Credit Fund shall be known as the College Access Tax Credit.(e) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.
171+SEC. 3.SEC. 4. Section 23687 of the Revenue and Taxation Code is amended to read:23687. (a) (1) For taxable years beginning on or after January 1, 2017, and before January 1, 2023, there shall be allowed as a credit against the tax, as defined in Section 23036, an amount equal to 75 percent the percentage specified in paragraph (2) 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.(2) (A) For taxable years beginning before January 1, 2018, 50 percent.(B) For taxable years beginning on or after January 1, 2018, 75 percent.(b) (1) The aggregate amount of credit that may be allocated and certified pursuant to this section, Section 12207, and Section 17053.87 shall be an amount equal to seven hundred fifty million dollars ($750,000,000). one billion dollars ($1,000,000,000) for the 2018 calendar year and each calendar year thereafter.(2) (A) For the purposes of this section, the California Educational Facilities Authority shall do all of the following:(i) On a first-come-first-served basis, allocate and certify tax credits to taxpayers under this section.(ii) Establish a procedure for taxpayers to contribute to the College Access Tax Credit Fund and to obtain from the California Educational Facilities Authority a certification for the credit allowed by this section. The procedure shall require the California Educational Facilities Authority to certify the contribution amount eligible for credit within 45 days following receipt of the contribution.(iii) Provide to the Franchise Tax Board a copy of each credit certificate issued for the calendar year by March 1 of the calendar year immediately following the year in which those certificates are issued.(B) (i) The California Educational Facilities Authority shall adopt any regulations necessary or appropriate to implement this paragraph.(ii) The Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code) shall not apply to any regulation adopted by the California Educational Facilities Authority pursuant to clause (i).(c) (1) In the case where the credit allowed by this section exceeds the tax, the excess may be carried over to reduce the tax in the following year, and succeeding five years if necessary, until the credit is exhausted.(2) A deduction shall not be allowed under this part for amounts taken into account under this section in calculating the credit allowed by this section.(d) The tax credit allowed by subdivision (a), subdivision (a) of Section 12207, and subdivision (a) of Section 17053.87 for donations to the College Access Tax Credit Fund shall be known as the College Access Tax Credit.(e) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.
175172
176-SEC. 4. Section 23687 of the Revenue and Taxation Code is amended to read:
173+SEC. 3.SEC. 4. Section 23687 of the Revenue and Taxation Code is amended to read:
177174
178-### SEC. 4.
175+### SEC. 3.SEC. 4.
179176
180-23687. (a) (1) For taxable years beginning on or after January 1, 2017, and before January 1, 2023, there shall be allowed as a credit against the tax, as defined in Section 23036, an amount equal to the percentage specified in paragraph (2) 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.(2) (A) For taxable years beginning before January 1, 2018, 50 percent.(B) For taxable years beginning on or after January 1, 2018, 75 percent.(b) (1) The aggregate amount of credit that may be allocated and certified pursuant to this section, Section 12207, and Section 17053.87 shall be an amount equal to one billion dollars ($1,000,000,000) for the 2018 calendar year and each calendar year thereafter.(2) (A) For the purposes of this section, the California Educational Facilities Authority shall do all of the following:(i) On a first-come-first-served basis, allocate and certify tax credits to taxpayers under this section.(ii) Establish a procedure for taxpayers to contribute to the College Access Tax Credit Fund and to obtain from the California Educational Facilities Authority a certification for the credit allowed by this section. The procedure shall require the California Educational Facilities Authority to certify the contribution amount eligible for credit within 45 days following receipt of the contribution.(iii) Provide to the Franchise Tax Board a copy of each credit certificate issued for the calendar year by March 1 of the calendar year immediately following the year in which those certificates are issued.(B) (i) The California Educational Facilities Authority shall adopt any regulations necessary or appropriate to implement this paragraph.(ii) The Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code) shall not apply to any regulation adopted by the California Educational Facilities Authority pursuant to clause (i).(c) (1) In the case where the credit allowed by this section exceeds the tax, the excess may be carried over to reduce the tax in the following year, and succeeding five years if necessary, until the credit is exhausted.(2) A deduction shall not be allowed under this part for amounts taken into account under this section in calculating the credit allowed by this section.(d) The tax credit allowed by subdivision (a), subdivision (a) of Section 12207, and subdivision (a) of Section 17053.87 for donations to the College Access Tax Credit Fund shall be known as the College Access Tax Credit.(e) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.
177+23687. (a) (1) For taxable years beginning on or after January 1, 2017, and before January 1, 2023, there shall be allowed as a credit against the tax, as defined in Section 23036, an amount equal to 75 percent the percentage specified in paragraph (2) 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.(2) (A) For taxable years beginning before January 1, 2018, 50 percent.(B) For taxable years beginning on or after January 1, 2018, 75 percent.(b) (1) The aggregate amount of credit that may be allocated and certified pursuant to this section, Section 12207, and Section 17053.87 shall be an amount equal to seven hundred fifty million dollars ($750,000,000). one billion dollars ($1,000,000,000) for the 2018 calendar year and each calendar year thereafter.(2) (A) For the purposes of this section, the California Educational Facilities Authority shall do all of the following:(i) On a first-come-first-served basis, allocate and certify tax credits to taxpayers under this section.(ii) Establish a procedure for taxpayers to contribute to the College Access Tax Credit Fund and to obtain from the California Educational Facilities Authority a certification for the credit allowed by this section. The procedure shall require the California Educational Facilities Authority to certify the contribution amount eligible for credit within 45 days following receipt of the contribution.(iii) Provide to the Franchise Tax Board a copy of each credit certificate issued for the calendar year by March 1 of the calendar year immediately following the year in which those certificates are issued.(B) (i) The California Educational Facilities Authority shall adopt any regulations necessary or appropriate to implement this paragraph.(ii) The Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code) shall not apply to any regulation adopted by the California Educational Facilities Authority pursuant to clause (i).(c) (1) In the case where the credit allowed by this section exceeds the tax, the excess may be carried over to reduce the tax in the following year, and succeeding five years if necessary, until the credit is exhausted.(2) A deduction shall not be allowed under this part for amounts taken into account under this section in calculating the credit allowed by this section.(d) The tax credit allowed by subdivision (a), subdivision (a) of Section 12207, and subdivision (a) of Section 17053.87 for donations to the College Access Tax Credit Fund shall be known as the College Access Tax Credit.(e) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.
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182-23687. (a) (1) For taxable years beginning on or after January 1, 2017, and before January 1, 2023, there shall be allowed as a credit against the tax, as defined in Section 23036, an amount equal to the percentage specified in paragraph (2) 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.(2) (A) For taxable years beginning before January 1, 2018, 50 percent.(B) For taxable years beginning on or after January 1, 2018, 75 percent.(b) (1) The aggregate amount of credit that may be allocated and certified pursuant to this section, Section 12207, and Section 17053.87 shall be an amount equal to one billion dollars ($1,000,000,000) for the 2018 calendar year and each calendar year thereafter.(2) (A) For the purposes of this section, the California Educational Facilities Authority shall do all of the following:(i) On a first-come-first-served basis, allocate and certify tax credits to taxpayers under this section.(ii) Establish a procedure for taxpayers to contribute to the College Access Tax Credit Fund and to obtain from the California Educational Facilities Authority a certification for the credit allowed by this section. The procedure shall require the California Educational Facilities Authority to certify the contribution amount eligible for credit within 45 days following receipt of the contribution.(iii) Provide to the Franchise Tax Board a copy of each credit certificate issued for the calendar year by March 1 of the calendar year immediately following the year in which those certificates are issued.(B) (i) The California Educational Facilities Authority shall adopt any regulations necessary or appropriate to implement this paragraph.(ii) The Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code) shall not apply to any regulation adopted by the California Educational Facilities Authority pursuant to clause (i).(c) (1) In the case where the credit allowed by this section exceeds the tax, the excess may be carried over to reduce the tax in the following year, and succeeding five years if necessary, until the credit is exhausted.(2) A deduction shall not be allowed under this part for amounts taken into account under this section in calculating the credit allowed by this section.(d) The tax credit allowed by subdivision (a), subdivision (a) of Section 12207, and subdivision (a) of Section 17053.87 for donations to the College Access Tax Credit Fund shall be known as the College Access Tax Credit.(e) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.
179+23687. (a) (1) For taxable years beginning on or after January 1, 2017, and before January 1, 2023, there shall be allowed as a credit against the tax, as defined in Section 23036, an amount equal to 75 percent the percentage specified in paragraph (2) 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.(2) (A) For taxable years beginning before January 1, 2018, 50 percent.(B) For taxable years beginning on or after January 1, 2018, 75 percent.(b) (1) The aggregate amount of credit that may be allocated and certified pursuant to this section, Section 12207, and Section 17053.87 shall be an amount equal to seven hundred fifty million dollars ($750,000,000). one billion dollars ($1,000,000,000) for the 2018 calendar year and each calendar year thereafter.(2) (A) For the purposes of this section, the California Educational Facilities Authority shall do all of the following:(i) On a first-come-first-served basis, allocate and certify tax credits to taxpayers under this section.(ii) Establish a procedure for taxpayers to contribute to the College Access Tax Credit Fund and to obtain from the California Educational Facilities Authority a certification for the credit allowed by this section. The procedure shall require the California Educational Facilities Authority to certify the contribution amount eligible for credit within 45 days following receipt of the contribution.(iii) Provide to the Franchise Tax Board a copy of each credit certificate issued for the calendar year by March 1 of the calendar year immediately following the year in which those certificates are issued.(B) (i) The California Educational Facilities Authority shall adopt any regulations necessary or appropriate to implement this paragraph.(ii) The Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code) shall not apply to any regulation adopted by the California Educational Facilities Authority pursuant to clause (i).(c) (1) In the case where the credit allowed by this section exceeds the tax, the excess may be carried over to reduce the tax in the following year, and succeeding five years if necessary, until the credit is exhausted.(2) A deduction shall not be allowed under this part for amounts taken into account under this section in calculating the credit allowed by this section.(d) The tax credit allowed by subdivision (a), subdivision (a) of Section 12207, and subdivision (a) of Section 17053.87 for donations to the College Access Tax Credit Fund shall be known as the College Access Tax Credit.(e) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.
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184-23687. (a) (1) For taxable years beginning on or after January 1, 2017, and before January 1, 2023, there shall be allowed as a credit against the tax, as defined in Section 23036, an amount equal to the percentage specified in paragraph (2) 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.(2) (A) For taxable years beginning before January 1, 2018, 50 percent.(B) For taxable years beginning on or after January 1, 2018, 75 percent.(b) (1) The aggregate amount of credit that may be allocated and certified pursuant to this section, Section 12207, and Section 17053.87 shall be an amount equal to one billion dollars ($1,000,000,000) for the 2018 calendar year and each calendar year thereafter.(2) (A) For the purposes of this section, the California Educational Facilities Authority shall do all of the following:(i) On a first-come-first-served basis, allocate and certify tax credits to taxpayers under this section.(ii) Establish a procedure for taxpayers to contribute to the College Access Tax Credit Fund and to obtain from the California Educational Facilities Authority a certification for the credit allowed by this section. The procedure shall require the California Educational Facilities Authority to certify the contribution amount eligible for credit within 45 days following receipt of the contribution.(iii) Provide to the Franchise Tax Board a copy of each credit certificate issued for the calendar year by March 1 of the calendar year immediately following the year in which those certificates are issued.(B) (i) The California Educational Facilities Authority shall adopt any regulations necessary or appropriate to implement this paragraph.(ii) The Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code) shall not apply to any regulation adopted by the California Educational Facilities Authority pursuant to clause (i).(c) (1) In the case where the credit allowed by this section exceeds the tax, the excess may be carried over to reduce the tax in the following year, and succeeding five years if necessary, until the credit is exhausted.(2) A deduction shall not be allowed under this part for amounts taken into account under this section in calculating the credit allowed by this section.(d) The tax credit allowed by subdivision (a), subdivision (a) of Section 12207, and subdivision (a) of Section 17053.87 for donations to the College Access Tax Credit Fund shall be known as the College Access Tax Credit.(e) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.
181+23687. (a) (1) For taxable years beginning on or after January 1, 2017, and before January 1, 2023, there shall be allowed as a credit against the tax, as defined in Section 23036, an amount equal to 75 percent the percentage specified in paragraph (2) 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.(2) (A) For taxable years beginning before January 1, 2018, 50 percent.(B) For taxable years beginning on or after January 1, 2018, 75 percent.(b) (1) The aggregate amount of credit that may be allocated and certified pursuant to this section, Section 12207, and Section 17053.87 shall be an amount equal to seven hundred fifty million dollars ($750,000,000). one billion dollars ($1,000,000,000) for the 2018 calendar year and each calendar year thereafter.(2) (A) For the purposes of this section, the California Educational Facilities Authority shall do all of the following:(i) On a first-come-first-served basis, allocate and certify tax credits to taxpayers under this section.(ii) Establish a procedure for taxpayers to contribute to the College Access Tax Credit Fund and to obtain from the California Educational Facilities Authority a certification for the credit allowed by this section. The procedure shall require the California Educational Facilities Authority to certify the contribution amount eligible for credit within 45 days following receipt of the contribution.(iii) Provide to the Franchise Tax Board a copy of each credit certificate issued for the calendar year by March 1 of the calendar year immediately following the year in which those certificates are issued.(B) (i) The California Educational Facilities Authority shall adopt any regulations necessary or appropriate to implement this paragraph.(ii) The Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code) shall not apply to any regulation adopted by the California Educational Facilities Authority pursuant to clause (i).(c) (1) In the case where the credit allowed by this section exceeds the tax, the excess may be carried over to reduce the tax in the following year, and succeeding five years if necessary, until the credit is exhausted.(2) A deduction shall not be allowed under this part for amounts taken into account under this section in calculating the credit allowed by this section.(d) The tax credit allowed by subdivision (a), subdivision (a) of Section 12207, and subdivision (a) of Section 17053.87 for donations to the College Access Tax Credit Fund shall be known as the College Access Tax Credit.(e) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.
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188-23687. (a) (1) For taxable years beginning on or after January 1, 2017, and before January 1, 2023, there shall be allowed as a credit against the tax, as defined in Section 23036, an amount equal to the percentage specified in paragraph (2) 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.
185+23687. (a) (1) For taxable years beginning on or after January 1, 2017, and before January 1, 2023, there shall be allowed as a credit against the tax, as defined in Section 23036, an amount equal to 75 percent the percentage specified in paragraph (2) 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.
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190187 (2) (A) For taxable years beginning before January 1, 2018, 50 percent.
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192189 (B) For taxable years beginning on or after January 1, 2018, 75 percent.
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194-(b) (1) The aggregate amount of credit that may be allocated and certified pursuant to this section, Section 12207, and Section 17053.87 shall be an amount equal to one billion dollars ($1,000,000,000) for the 2018 calendar year and each calendar year thereafter.
191+(b) (1) The aggregate amount of credit that may be allocated and certified pursuant to this section, Section 12207, and Section 17053.87 shall be an amount equal to seven hundred fifty million dollars ($750,000,000). one billion dollars ($1,000,000,000) for the 2018 calendar year and each calendar year thereafter.
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196193 (2) (A) For the purposes of this section, the California Educational Facilities Authority shall do all of the following:
197194
198195 (i) On a first-come-first-served basis, allocate and certify tax credits to taxpayers under this section.
199196
200197 (ii) Establish a procedure for taxpayers to contribute to the College Access Tax Credit Fund and to obtain from the California Educational Facilities Authority a certification for the credit allowed by this section. The procedure shall require the California Educational Facilities Authority to certify the contribution amount eligible for credit within 45 days following receipt of the contribution.
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202199 (iii) Provide to the Franchise Tax Board a copy of each credit certificate issued for the calendar year by March 1 of the calendar year immediately following the year in which those certificates are issued.
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204201 (B) (i) The California Educational Facilities Authority shall adopt any regulations necessary or appropriate to implement this paragraph.
205202
206203 (ii) The Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code) shall not apply to any regulation adopted by the California Educational Facilities Authority pursuant to clause (i).
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208205 (c) (1) In the case where the credit allowed by this section exceeds the tax, the excess may be carried over to reduce the tax in the following year, and succeeding five years if necessary, until the credit is exhausted.
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210207 (2) A deduction shall not be allowed under this part for amounts taken into account under this section in calculating the credit allowed by this section.
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212209 (d) The tax credit allowed by subdivision (a), subdivision (a) of Section 12207, and subdivision (a) of Section 17053.87 for donations to the College Access Tax Credit Fund shall be known as the College Access Tax Credit.
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214211 (e) This section shall remain in effect only until December 1, 2023, and as of that date is repealed.
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216-SEC. 5. This act provides for a tax levy within the meaning of Article IV of the California Constitution and shall go into immediate effect.
213+SEC. 4.SEC. 5. This act provides for a tax levy within the meaning of Article IV of the California Constitution and shall go into immediate effect.
217214
218-SEC. 5. This act provides for a tax levy within the meaning of Article IV of the California Constitution and shall go into immediate effect.
215+SEC. 4.SEC. 5. This act provides for a tax levy within the meaning of Article IV of the California Constitution and shall go into immediate effect.
219216
220-SEC. 5. This act provides for a tax levy within the meaning of Article IV of the California Constitution and shall go into immediate effect.
217+SEC. 4.SEC. 5. This act provides for a tax levy within the meaning of Article IV of the California Constitution and shall go into immediate effect.
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222-### SEC. 5.
219+### SEC. 4.SEC. 5.