Tell Your Clients about the College Access Tax Credit

Posted on November 24, 2015 · Posted in Breaking News, Industry News, Latest Updates

11/24/15

California’s Senate President pro Tempore Kevin de León is working with CSEA to promote California’s College Access Tax Credit. This tax credit leverages federal tax deductions through $500 million in available tax credits to allow 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. According to the Franchise Tax Board (FTB) website, “Taxpayers are now able to use the credit to reduce their tax below tentative minimum tax beginning with taxable years beginning on or after January 1, 2014. The credit has also been extended to taxable year 2017.” Be sure to share this information with your clients, and help low-income California college students pay for books, housing, transportation, childcare and additional costs associated with attending college. Click here for more information.