CA AB970

Establishes the University Park and Research Educational and Technological Fund, allowing the City of Chula Vista to collect private moneys for loans or donations to businesses and educational institutions within or intending to locate within the University Park and Research Center (approximately 375 acres).

Authorizes the City of Chula Vista to administer the fund and direct moneys only toward loans, donations, and administrative costs for qualifying businesses and educational institutions in the University Park and Research Center.

Creates the University Park and Research Center Educational and Technological Tax Credit Program, allowing taxpayers to claim a tax credit of 5 percent (or 6 percent in years 4-7) against state corporation tax or personal income tax liability for investments in qualifying businesses or institutions, for a period of no more than seven years beginning January 1, 2011.

Requires the Franchise Tax Board to authorize and administer the tax credit program based on certifications by the city of qualifying investments.

Declares that a special law is necessary for Chula Vista due to its unique regional location, high foreclosure rate (11th highest in the country), and readiness for immediate development to address California's needs for college graduates, research and development, and job creation.