CA SB1356

Allows personal income tax and corporation tax credits for contributions to the Higher Education Investment Tax Credit Program Special Fund for taxable years 2013-2015, with credit percentages declining from 60% to 50%.

Limits aggregate credits to $100,000,000 per calendar year across both tax laws, with the California Educational Facilities Authority responsible for allocating and certifying credits.

Requires the California Educational Facilities Authority to establish procedures for contributions, notify taxpayers within seven days of receipt, and provide credit certificates to the Franchise Tax Board by March 1 following issuance.

Directs revenue from the special fund first to the General Fund for certified credits, then upon legislative appropriation to reimburse administrative costs and fund Cal Grants through the Student Aid Commission.

Sunsets December 1, 2016, and becomes operative only if Senate Bill 1466 is enacted and takes effect on or before January 1, 2013.