Section 12207 Of Article 1. General From California Revenue And Taxation Code >> Division 2. >> Part 7. >> Chapter 3. >> Article 1.
12207
. (a) For the taxable years beginning on or after January 1,
2017, and before January 1, 2018, there shall be allowed as a credit
against the "tax," as described in Section 12202 or 12231, an amount
equal to 50 percent of the amount contributed by the taxpayer during
the taxable year to the College Access Tax Credit Fund, as allocated
and certified by the California Educational Facilities Authority.
(b) (1) The aggregate amount of credit that may be allocated and
certified pursuant to this section, Section 17053.87, and Section
23687 shall be an amount equal to five hundred million dollars
($500,000,000).
(2) (A) For the purposes of this section, the California
Educational Facilities Authority shall do all of the following:
(i) On a first-come-first-served basis, allocate and certify tax
credits to taxpayers under this section.
(ii) Establish a procedure for taxpayers to contribute to the
College Access Tax Credit Fund and to obtain from the California
Educational Facilities Authority a certification for the credit
allowed by this section. The procedure shall require the California
Educational Facilities Authority to certify the contribution amount
eligible for credit within 45 days following receipt of the
contribution.
(iii) Provide to the Department of Insurance a copy of each credit
certificate issued for the calendar year by March 1 of the calendar
year immediately following the year in which those certificates are
issued.
(B) (i) The California Educational Facilities Authority shall
adopt any regulations necessary to implement this paragraph.
(ii) The Administrative Procedure Act (Chapter 3.5 (commencing
with Section 11340) of Part 1 of Division 3 of Title 2 of the
Government Code) does not apply to any regulation adopted by the
California Educational Facilities Authority pursuant to clause (i).
(c) In the case where the credit allowed by this section exceeds
the "tax," the excess may be carried over to reduce the "tax" in the
following year, and succeeding five years if necessary, until the
credit is exhausted.
(d) The tax credit allowed by subdivision (a), subdivision (a) of
Section 17053.87, and subdivision (a) of Section 23687 for donations
to the College Access Tax Credit Fund shall be known as the College
Access Tax Credit.
(e) This section shall be repealed on December 1, 2018.