College Access Tax Credit Program Procedures
November 3, 2014 Program Goes Live - Accepting Applications for Taxable Year 2014 until December 31, 2014 at 5:00pm by mail, in person, facsimile or online.
CEFA staff reviews Application within 10 days.
- If application is NOT accepted: The California Educational Facilities Authority (CEFA) notifies taxpayer if application is incomplete or if tax credits are unavailable.
- If Application is accepted and tax credits are available, CEFA staff will send taxpayer a Notice of Allocation Reservation along with a Contribution Submittal Form.
Taxpayer contribution and Contribution Submittal Form must be received by CEFA within 20 days.
- The Authority shall reserve available tax credits for up to 20 days. If the Authority does not receive the Contribution and Contribution Submittal Form within 20 days from the date of Notice of Allocation Reservation, tax credits reserved for a taxpayer may be made available for other taxpayers or added to the amount of tax credits available in the following calendar year.
After CEFA staff verifies taxpayer contribution, CEFA staff will issue taxpayer a Certificate within 15 days.
- Contributions not acceptable to the Authority will be returned to the taxpayer.
By March 1st, CEFA staff will send Franchise Tax Board copies of taxpayer Certificates.
Taxpayer contributions will be placed in the College Access Tax Credit Fund.