The state’s new College Access Tax Credit is an unprecedented step to ensure California’s continued workforce development and economic success. Today, there are currently $996,248,607 available in 2015 College Access Tax Credits to benefit individual and corporate taxpayers; and, simultaneously award grants to our state’s lowest income college students. The application period deadline is January 4, 2016.
This new tax credit invests directly in California’s students while allowing contributors to receive a high return on their state and federal taxes. Upon contributing, participants qualify for both a 55 percent state tax credit and a significant deduction on their federal tax return.
College Access Tax Credits will go directly to increase the Cal Grant B Access Awards for nearly 197,000 low-income California college students and help pay for books, housing, transportation, childcare and additional costs associated with higher education.
The California economy requires a highly skilled work force. By increasing Cal Grant B Access Awards, students will be able to focus more on taking classes and developing educational skills and completing a degree on time, rather than working multiple jobs just to meet basic living expenses.