On June 24, 2015, California Governor Jerry Brown signed SB 81, which made changes to the College Access Tax Credit (CATC) that favor taxpayers. Here are the details:
The California Treasurer’s Office is now accepting applications from both businesses and individuals for the CATC. Total allotted credits are capped at $500 million per calendar year. Applications will be processed and credits awarded on a first-come, first-served basis.
Read our Alert from earlier this year to find out how to apply for this credit and for more background on the CATC.
Taxpayers hoping to claim a portion of the $500 million available in CATC credits for the 2015 tax year should apply now. We can help model and calculate the benefits for you and guide you through the process. For more information about the CATC or to learn more about other incentives that may be available to you at the state or federal levels, contact your Moss Adams professional or email statetax@mossadams.com.