CA AB2726

Allows a tax credit of 20% of monetary contributions to Scholarshare (529 college savings) accounts, capped at $500 per year, for taxable years 2016-2020

Limits credit eligibility to taxpayers with California adjusted gross income of $75,000 or less (single/MFJ separate) or $150,000 or less (head of household/joint filers)

Requires taxpayers to be account owners contributing on behalf of a beneficiary through California's qualified tuition program

Requires credits taken to be recaptured (added back to taxes) if distributions exceed qualified higher education expenses

Mandates Scholarshare Investment Board collect data and submit annual reports to Legislature by July 31 detailing credit usage, contributions, and taxpayer income information