CA SB798

Establishes a College Access Tax Credit for both personal income tax and corporation tax for taxable years 2014-2016, allowing taxpayers to claim credits equal to 60%, 55%, or 50% of cash contributions to the College Access Tax Credit Fund (decreasing annually).

Caps aggregate tax credits at $500 million per calendar year, with the California Educational Facilities Authority responsible for allocating, certifying credits, and establishing procedures for contributions within 45 days of receipt.

Creates the College Access Tax Credit Fund as a special fund in the State Treasury, with revenue allocated first to the General Fund for certified credits, then to administrative costs and Cal Grant awards through the Student Aid Commission.

Allows unused tax credits to carry forward up to five succeeding years if they exceed net tax liability in the current year.

Sunsets the tax credit provisions on December 1, 2017, and is contingent on enactment of SB 174 of the 2013-14 Regular Session by January 1, 2015.