Personal income taxes: credit: higher education.

The Personal Income Tax Law authorizes various credits against the taxes imposed by that law. This bill would, for each taxable year beginning on or after January 1, 2012, and before January 1, 2017, allow a credit of up to $500 per eligible student for qualified costs, as defined, paid or incurred by a qualified taxpayer, as defined, at a qualified educational institution, as defined, on behalf of the taxpayer, the taxpayer's spouse, or any dependent of the taxpayer. The credit allowed would be limited for all taxable years to a total of $2,000 per eligible student. This bill would take effect immediately as a tax levy.