AB 490: Taxation: credits: College Access Tax Credit.

The law governing the taxation of insurers, the Personal Income Tax Law, and the Corporation Tax Law allow various credits against the taxes imposed by those laws, including a credit, for taxable years beginning on or after January 1, 2017, and before January 1, 2018, equal to 50% of a contribution to the College Access Tax Credit Fund, as provided. Those laws specify that the moneys in the College Access Tax Credit Fund shall be allocated first to the General Fund, then, upon appropriation, to specified agencies for administrative costs related to this credit, and lastly continuously appropriated to the Student Aid Commission for awarding Cal Grants, as provided.

This bill would extend the operation of the credit to taxable years beginning before January 1, 2023. By extending the operation of the credit and thus the appropriation in those provisions, the bill would make an appropriation.