CA AB2421

Allows a corporate tax credit equal to 50% of monetary contributions to qualified K-College education scholarship organizations for taxable years 2015-2019, with a maximum credit of $200,000 per taxpayer and $10,000,000 annual aggregate cap

Defines eligible scholarship organizations as nonprofits that distribute at least 80-90% of contributions to scholarships, serve multiple schools, maintain student progress data, and hold 501(c)(3) tax-exempt status

Restricts qualified scholarships to homeless youth and current/former foster youth, covering costs for school transportation, college attendance, and education-related expenses not covered by federal McKinney-Vento Act

Requires taxpayers to obtain State Department of Education approval before making contributions and to receive tax credit certificates on a first-come, first-served basis before claiming credits on tax returns

Establishes State Department of Education as primary administrator for applicant screening, contribution approval, and credit certification, with Franchise Tax Board assisting in verification and form creation