BILL NUMBER: AB 2421	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Nestande

                        FEBRUARY 21, 2014

   An act relating to taxation.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 2421, as introduced, Nestande. Corporation taxes: credit:
education scholarship organizations.
   The Personal Income Tax Law and the Corporation Tax Law allow
various credits against the taxes imposed by those laws.
   This bill would state that it is the intent of the Legislature to
enact legislation that would allow a credit against the tax imposed
by the Corporation Tax Law in the amount of 50% of a charitable
contribution to a nonprofit education scholarship organization that
provides tuition and transportation fee assistance for students with
special learning needs, foster youth, and children from low-income
families, who attend public, charter, or private schools. It is the
intent of the Legislature that the credit shall not exceed $200,000
per taxpayer, that the credit be awarded on a first-come, first-serve
basis, and that the credit have an aggregate cap of $50,000,000.
   Vote: majority. Appropriation: no. Fiscal committee: no.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  It is the intent of the Legislature to enact
legislation that would allow a credit against the tax imposed by the
Corporation Tax Law in the amount of 50 percent of a charitable
contribution to a nonprofit education scholarship organization that
provides tuition and transportation fee assistance for students with
special learning needs, foster youth, and children from low-income
families, who attend public, charter, or private schools. It is the
intent of the Legislature that the credit shall not exceed $200,000
per taxpayer, that the credit be awarded on a first-come, first-serve
basis, and that the credit have an aggregate cap of $50,000,000.