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California College Access Tax Credit Expanded and Extended

(posted: August 6th, 2015)

At the end of June, California Governor Jerry Brown signed SB 81, which made changes to the College Access Tax Credit (CATC) that favor taxpayers.

Here are the details

The credit was extended one additional year. The credit now will cover the 2017 tax year, and the amount of the credit will be 50 percent of the amount contributed and certified by the California Educational Facilities Authority. The credit was originally scheduled to expire in 2016.

The credit can now reduce regular tax below tentative minimum tax (TMT) for credit years 2014 through 2017. This change is retroactive back to the 2014 tax year; we can file amended returns for taxpayers with credits limited by TMT.

2015 Application Period Is Open

The California Treasurer's Office is now accepting applications from both businesses and individuals for the CATC. Total allotted credits are capped at $500 million per calendar year. Applications will be processed and credits awarded on a first-come, first-served basis.

Learn more about the College Access Tax Credit and find applications here

We are here to help! You'll want to apply for this credit sooner than later, and we can guide you through the process. Please Contact Us, or give us a call at 650-578-1200.

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