New college access tax credit.

• Position: FTB

The College Access Tax Credit (CATC) is a new state tax credit for taxpayers who make authorized contributions of money to the CATC Fund. Senate Bill 798, which the governor recently signed, established the credit for both personal and corporate income taxes under California Revenue and Taxation Code Sections 17053.86 and 23686.

The CATC is available for taxable years 2014-16. The amount that CEFA can allocate for the CATC each year is $500 million. To claim the credit, a taxpayer must make a contribution to the CATC Fund administered by the California Educational Facilities Authority (CEFA). Taxpayers must receive a certificate from the CEFA documenting the amount of the contribution and the credit...