Our higher education system is vital to California’s economic productivity and innovation – it produces a four-fold return on investment. Although, the rapidly increasing cost of a college degree threatens that impact for our economy.
The state’s new College Access Tax Credit is an unprecedented step to ensure California’s continued success.
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.
The College Access Tax Credit 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 attending college.
The California economy requires a highly skilled work force. By increasing Access Awards, students will be able to focus more on developing necessary skills and completing school on time, rather than working multiple jobs just to make ends meet.
Ensuring that California students, regardless of their income, are able to access and afford college is a top priority in the California State Senate. Additional legislation is in the works to help all students by lowering tuition, increasing course offerings and providing support services to increase graduation rates.
College Access Tax Credit Background Sheet: Download