Income taxes: credits: Bridget "Biddy" Mason Golden State Credit Program.

The Personal Income Tax Law and the Corporation Tax Law allow various credits against the taxes imposed by those laws. This bill, before January 1, 2021, would require the Treasurer to establish a procedure to accept monetary transfers from qualified entities and to transfer golden state credits (GSC) to qualified entities. This bill, on and after January 1, 2021, and before January, 1, 2026, would allow the Treasurer to transfer to a qualified entity one GSC for each $0.90 that the qualified entity transfers to the Treasurer, and would limit the amount of GSCs to be transferred to $50,000,00 per calendar year, as provided. This bill would require any moneys received by the Treasurer, less costs, to be deposited into the General Fund. This bill, on and after January 1, 2021, and before January 1, 2026, would allow a qualified entity to transfer to a donating taxpayer one GSC for each $1 that the donating taxpayer contributes to the qualified entity. This bill would define a qualified entity to include, among others, an organization exempt from federal income taxation as an organization described in Section 501(c) (3) of the Internal Revenue Code that is in active status, as provided, a private college or university that participates in the Cal Grant program, as provided, a California Community College, a nonprofit charter school located in the state, or a K–12 public school district located in the state. The bill would allow a qualified entity to submit a claim for refund to the Treasurer equal to the amount that the qualified entity transferred to the Treasurer for GSCs that the qualified entity was unable to transfer to a donating taxpayer before the end of the calendar year in which the GSC was received. The bill, upon appropriation by the Legislature from the General Fund to the Treasurer of an amount necessary to make refunds claimed, would require the Treasurer to make refunds to qualified entities, as specified. This bill, for each taxable year beginning on or after January 1, 2021, and before January 1, 2026, would allow a credit against the taxes imposed by the Personal Income Tax Law and the Corporation Tax Law in an amount equal to 80% of the amount contributed during the taxable year by the taxpayer to a qualified entity from which the taxpayer was transferred GSCs. The bill would further provide that the Bridget "Biddy" Mason Golden State Credit Program would become inoperative if the Treasurer, upon consultation with the Franchise Tax Board, determines that donations made pursuant to the program do not qualify for a deduction under federal income tax law. This bill would take effect immediately as a tax levy.