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:
It is the intent of the Legislature to enact
2legislation that would allow a credit against the tax imposed by
3the Corporation Tax Law in the amount of 50 percent of a
P2 1charitable contribution to a nonprofit education scholarship
2organization that provides tuition and transportation fee assistance
3for students with special learning needs, foster youth, and children
4from low-income families, who attend public, charter, or private
5schools. It is the intent of the Legislature that the credit shall not
6exceed $200,000 per taxpayer, that the credit be awarded on a
7first-come, first-serve basis, and that the credit have an aggregate
8cap of $50,000,000.
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