Income taxes: credits: contributions to education funds.

The Personal Income Tax Law and the Corporation Tax Law allow various credits against the taxes imposed by those laws. This bill, under both laws, for taxable years beginning on or after January 1, 2014, and before January 1, 2017, would allow a credit equal to a certain percentage of a contribution to the College Access Tax Credit Fund, established by this bill, for specified education purposes, as provided. The bill would specify that the aggregate amount of credit that may be allocated under both laws shall not exceed $500,000,000 for each calendar year, as specified, and would require the California Educational Facilities Authority to perform certain duties with regard to allocating and certifying the tax credits allowed under these provisions. This bill would become operative only if SB 174 of the 2013–14 Regular Session is enacted and takes effect on or before January 1, 2015. This bill would declare that it is to take effect immediately as an urgency statute.