De León
Author
Existing insurance tax law, 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, a special fund in the State Treasury, as allocated and certified by the California Educational Facilities Authority. Those laws limit the aggregate amount of credit that is authorized to be allocated and certified to $500,000,000. This bill would increase the credit percentage on the contribution amount from 50% to 75% for taxable years beginning on or after January 1, 2018. The bill would also increase the limit on the aggregate credit amount to $1,000,000,000 for the 2018 calendar year and each calendar year thereafter. Under existing law, after specified transfers to the General Fund and any reimbursement for administrative costs are made, any remaining moneys in the College Access Tax Credit Fund are continuously appropriated to the Student Aid Commission for purposes of supplementing awards made for access costs, defined as living expenses and expenses for transportation, supplies, and books, under the Cal Grant Program. Existing law provides that Cal Grant Program awards include "Cal Grant A Entitlement Awards," "Cal Grant B Entitlement Awards," "California Community College Transfer Entitlement Awards," "Competitive Cal Grant A and B Awards," "Cal Grant C Awards," and "Cal Grant T Awards." These Cal Grant Program awards may be used for, among other things, tuition or student fees. This bill would instead provide, upon appropriation by the Legislature, that the remaining revenues from contributions to the College Access Tax Credit Fund made on and after January 1, 2019, be allocated to the Student Aid Commission to make annual disbursements to make Cal Grant Program awards. If contributions to the College Access Tax Credit Fund exceed $10,000,000 in a calendar year, this bill would require 15% of the moneys allocated to the commission to be allocated to supplement awards for access costs, as specified. This bill would take effect immediately as a tax levy.
In Senate. Consideration of Governor's veto pending.
Vetoed by the Governor.
Enrolled and presented to the Governor at 5 p.m.
From committee: Be re-referred to Com. on GOV. & F. pursuant to Senate Rule 29.10(d). (Ayes 5. Noes 0. Page 6112.) Re-referred to Com. on GOV. & F.
Re-referred to Com. on RLS. pursuant to Senate Rule 29.10(d).
Read third time. Passed. Ordered to the Senate.
In Senate. Concurrence in Assembly amendments pending.
Assembly amendments concurred in. (Ayes 37. Noes 1. Page 6168.) Ordered to engrossing and enrolling.
From committee: That the Assembly amendments be concurred in. (Ayes 6. Noes 0. Page 6199.)
Read second time. Ordered to third reading.
From committee: Do pass. (Ayes 12. Noes 0.) (August 27).
Read second time and amended. Ordered to second reading.
Re-referred to Com. on HIGHER ED. pursuant to Assembly Rule 97.
From committee: Do pass as amended. (Ayes 11. Noes 1.) (August 16).
August 8 set for first hearing. Placed on APPR. suspense file.
From committee: Do pass and re-refer to Com. on APPR. (Ayes 6. Noes 0.) (July 2). Re-referred to Com. on APPR.
From committee: Be re-referred to Com. on REV. & TAX. (Ayes 7. Noes 0.) (May 31). Re-referred to Com. on REV. & TAX.
Re-referred to Com. on RLS. pursuant to Assembly Rule 96.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on HIGHER ED.
June 20 hearing postponed by committee.
In Assembly. Read first time. Held at Desk.
Read third time. Passed. (Ayes 39. Noes 0. Page 1273.) Ordered to the Assembly.
Read second time. Ordered to third reading.
From committee: Do pass. (Ayes 5. Noes 2. Page 1186.) (May 25).
Set for hearing May 25.
May 15 hearing: Placed on APPR. suspense file.
Set for hearing May 15.
May 8 hearing postponed by committee.
Set for hearing May 8.
Read second time and amended. Re-referred to Com. on APPR.
From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 7. Noes 0. Page 783.) (April 19).
From committee with author's amendments. Read second time and amended. Re-referred to Com. on ED.
Set for hearing April 19.
April 5 set for first hearing canceled at the request of author.
Set for hearing April 5.
March 29 set for first hearing canceled at the request of author.
Set for hearing March 29.
From printer. May be acted upon on or after March 19.
Introduced. Read first time. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB539 | HTML |
| 02/16/17 - Introduced | |
| 04/03/17 - Amended Senate | |
| 04/26/17 - Amended Senate | |
| 05/14/18 - Amended Assembly | |
| 08/20/18 - Amended Assembly | |
| 09/07/18 - Enrolled |
| Document | Format |
|---|---|
| No related documents. |
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