Corporation Tax Law: credits: STEAM Investment Incentives Act.

The Corporation Tax Law allows various credits against the tax imposed by that law. This bill would, for taxable years beginning on or after January 1, 2015, and before January 1, 2020, allow a credit against the tax imposed under that law for 50% of monetary contributions to nonprofit education improvement organizations, as defined, to fund qualified grants for K-12 education innovative programs relating to science, technology, engineering, math literacy, and the arts for private, public, or charter schools. The bill would provide that the credit would not exceed $200,000 per taxpayer, that the credit would be awarded on a first-come, first-serve basis, and that the credit would have an aggregate cap of $50,000,000 for each calender year. The bill would require the Franchise Tax Board and the State Department of Education to administer the credit, as specified. This bill would take effect immediately as a tax levy.