CA SB539

Increases the College Access Tax Credit from 50% to 75% of contributions for taxable years beginning on or after January 1, 2018.

Raises the aggregate annual credit limit from $500,000,000 to $1,000,000,000 starting in calendar year 2018 and each year thereafter.

Revenues from contributions made on or after January 1, 2019 are allocated to the Student Aid Commission to make Cal Grant Program awards upon legislative appropriation.

Requires 15% of allocated funds to supplement access cost awards (living expenses, transportation, supplies, books) if annual contributions exceed $10,000,000.

All tax credit provisions expire December 1, 2023, and the bill takes effect immediately as a tax levy.