AB 2027

Bill Subjects

College Access Tax Credit Fund Student Financial Aid Community College Student Transfers Partnered Historically Black Colleges And Universities

Abstract

Existing law governing the taxation of insurers, 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, 2028, equal to 50% of a contribution to the College Access Tax Credit Fund, as provided. Existing law provides that moneys in the College Access Tax Credit Fund shall be allocated first to the General Fund, then, upon appropriation, to specified agencies for administrative costs related to this credit, and lastly continuously appropriated to the commission for awarding postsecondary costs, as defined, of qualifying community college student transfers to certain Historically Black Colleges and Universities (HBCUs) . Existing law requires those HBCUs to be "partnered" HBCUs, defined as regionally accredited HBCUs that satisfy certain cohort default rate and graduation rate requirements and that have associate degree for transfer memoranda of understanding on file with the office of the Chancellor of the California Community Colleges. This bill would additionally authorize the use of the College Access Tax Credit Fund moneys continuously appropriated to the commission for awards for qualifying community college student transfers to partnered nonprofit colleges and universities in California that were listed as "Black-serving" in a specified report and that offer 4-year baccalaureate degree programs that are primarily focused on health sciences education. The bill would make an appropriation by expanding the purposes for which moneys are used in a continuously appropriated fund. The bill would limit "postsecondary costs" for purposes of these awards to undergraduate education costs.