Section 23686 Of Chapter 3.5. Tax Credits From California Revenue And Taxation Code >> Division 2. >> Part 11. >> Chapter 3.5.

. (a) (1) For taxable years beginning on or after January 1, 2014, and before January 1, 2017, there shall be allowed as a credit against the "tax," as defined in Section 23036, an amount equal to the following:
  (A) For taxable years beginning on and after January 1, 2014, and before January 1, 2015, 60 percent of the amount contributed by the taxpayer for the 2014 taxable year to the College Access Tax Credit Fund, as allocated and certified by the California Educational Facilities Authority.
  (B) For taxable years beginning on and after January 1, 2015, and before January 1, 2016, 55 percent of the amount contributed by the taxpayer for the 2015 taxable year to the College Access Tax Credit Fund, as allocated and certified by the California Educational Facilities Authority.
  (C) For taxable years beginning on and after January 1, 2016, and before January 1, 2017, 50 percent of the amount contributed by the taxpayer for the 2016 taxable year to the College Access Tax Credit Fund, as allocated and certified by the California Educational Facilities Authority.
  (2) Contributions shall be made only in cash.
  (b) (1) The aggregate amount of credit that may be allocated and certified pursuant to this section and Section 17053.86 shall be an amount equal to the sum of all of the following:
  (A) Five hundred million dollars ($500,000,000) for the 2014 calendar year and each calendar year thereafter.
  (B) The amount of previously unallocated and uncertified credits.
  (2) (A) For purposes of this section, the California Educational Facilities Authority shall do all of the following:
  (i) On or after January 1, 2014, and before January 1, 2017, 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 Franchise Tax Board 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) (1) 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.
  (2) A deduction shall not be allowed under this part for amounts taken into account under this section in calculating the credit allowed by this section.
  (d) This section shall be repealed on December 1, 2017.