Personal income taxes: credit: qualified tuition program.

The Personal Income Tax Law allows various credits against the taxes imposed by that law. This bill would, for taxable years beginning on or after January 1, 2016, and before January 1, 2021, allow a credit under the Personal Income Tax Law in an amount equal to 20% of the monetary contributions made to one or more qualified tuition programs, as defined, by a qualified taxpayer, as defined, during the taxable year, not to exceed $500. This bill would include findings and declarations regarding the intent of the Legislature to enact legislation to provide that the credit amount in excess of tax liability is refundable in those years in which an appropriation for that purpose is made by the Legislature. This bill would take effect immediately as a tax levy.