University of California: technology commercialization: tax credit.

Existing law established the University of California under the administration of the Regents of the University of California. This bill would authorize the University of California to create a University of California Technology Commercialization Acceleration Fund for each campus of the university and the university system for the deposit of contributions made for specified purposes. The bill would require the funds in each University Venture Development Fund to be used only for qualified research expenses, as defined. The Personal Income Tax Law and the Corporation Tax Law authorize various credits against the taxes imposed by those laws. This bill would authorize a credit against those taxes for each taxable year beginning on or after January 1, 2011, in an amount equal to 50% of the amount contributed during the taxable year to the University of California for deposit into a University of California Technology Commercialization Acceleration Fund, as specified.