Student financial aid: College Access Tax Credit Fund: community college student transfers: Historically Black Colleges and Universities.

Existing law, the Ortiz-Pacheco-Poochigian-Vasconcellos Cal Grant Program (Cal Grant Program) , establishes the Cal Grant A and B Entitlement Awards, the California Community College Expanded Entitlement Awards, the California Community College Transfer Entitlement Awards, the Competitive Cal Grant A and B Awards, the Cal Grant C Awards, and the Cal Grant T Awards under the administration of the Student Aid Commission, and establishes the eligibility requirements for awards under these programs for participating students attending qualifying institutions. Existing law governing the taxation of insurers, the Personal Income Tax Law and the Corporation Tax Law, allow various credits against the taxes imposed by those laws, including a credit, for taxable years beginning on or after January 1, 2017, and before January 1, 2023, equal to 50% of a contribution to the College Access Tax Credit Fund, as provided. Existing law provides that moneys in the College Access Tax Credit Fund shall be allocated first to the General Fund, then, upon appropriation, to specified agencies for administrative costs related to this credit, and lastly continuously appropriated to the commission for awarding Cal Grants, as provided. This bill would instead require the College Access Tax Credit Fund moneys continuously appropriated to the commission to be used for awards for qualifying community college student transfers to regionally accredited Historically Black Colleges and Universities that have associate degree for transfer memoranda of understanding on file with the office of the Chancellor of the California Community Colleges. The bill would make an appropriation by changing the purposes for which moneys are used in a continuously appropriated fund.