Personal income taxes: credit: Scholarshare account contributions.

The Personal Income Tax Law, in conformity with federal income tax law, provides that a qualified tuition program is exempt from taxes. Existing law establishes the Golden State Scholarshare College Savings Trust as a qualified tuition program. Existing law excludes from gross income of a beneficiary of, or contributor to, a qualified tuition program qualified distributions or earnings under that program, as specified. This bill, for taxable years beginning on or after January 1, 2016, and before January 1, 2021, would allow a credit under the Personal Income Tax Law in an amount equal to 20% of the monetary contributions made to one or more Scholarshare accounts by a qualified taxpayer, as defined, during the taxable year, not to exceed $500. This bill would include findings and declarations specifying the objectives, performance indicators, and data collection and reporting requirements related to this credit. This bill would take effect immediately as a tax levy.