17053.85.
(a) For each taxable year beginning on or after January 1, 2009, and before January 1, 2014, there shall be allowed as a credit against the “net tax,” as defined in Section 17039, an amount equal to five hundred dollars ($500) for each dependent of a qualified taxpayer who, during the taxable year, is exempt from the requirements of attendance in a public full-time day school in accordance with Section 48222, 48223, or 48224 of the Education Code.(b) For purposes of this section, a “qualified taxpayer” means a person whose income is less than 400 percent of the poverty guidelines as updated periodically in the Federal Register by the United States Department of Health and Human Services under the authority of Section 9902(2) of Title 42 of the United States Code, as amended.
(c) No credit may be allowed by this section unless the taxpayer is eligible to claim the child as a dependent on his or her tax return.
(d) In the case where the credit allowed by this section exceeds the “net tax,” the excess may be carried over to reduce the “net tax” in the following year, and succeeding years if necessary, until the credit is exhausted.
(e) The Legislative Analyst’s Office shall conduct a study on the effectiveness of the tax credit incentives authorized by this section. The Legislative Analyst’s Office shall report the results of the study to the Legislature on or before January 1, 2013.
(f) This section shall remain in effect only until December 1, 2014, and as of that date is repealed. However, any unused credit may continue to be carried forward, as provided in subdivision (d), until the credit is exhausted.