California Revenue and Taxation Code

§ 17053.87

RTC § 17053.87 Effective Jan 1, 2024Div. 2 · Part 10 · Ch. 2

Statute text

(a)For the taxable years beginning on or after January 1, 2017, and before January 1, 2028, there shall be allowed as a credit against the “net tax,” as defined in Section 17039, an amount equal to 50 percent of the amount contributed by the taxpayer for the taxable year to the College Access Tax Credit Fund, as allocated and certified by the California Educational Facilities Authority.

(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 five hundred million dollars ($500,000,000).

(2)(A) For the purposes of this section, the California Educational Facilities Authority shall do all of the following:

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Legislative history

Amended by Stats. 2023, Ch. 278, Sec. 4. (AB 1400) Effective January 1, 2024. Repealed as of December 1, 2028, by its own provisions.