AB 247, as amended, Wagner. Personal income taxes: voluntary contribution: California Fund for Senior Citizens.
Under the Personal Income Tax Law, taxpayers are allowed to contribute amounts in excess of their tax liability for the support of the California Fund for Senior Citizens until the year in which
begin delete a specifiedend delete minimum contribution is not received, or January 1, 2015, which ever occurs first.
This bill would extend the date of January 1, 2015, to January 1, 2020.
Vote: majority. Appropriation: no. Fiscal committee: yes. State-mandated local program: no.
The people of the State of California do enact as follows:
Section 18724 of the Revenue and Taxation Code is
12amended to read:
(a) Except as otherwise provided in subdivision (b),
14this article shall remain in effect only for taxable years beginning
15before January 1, 2020, and as of December 1, 2020, is repealed.
16(b) (1) By September 1, 2006, and by September 1 of each
17subsequent calendar year that the California Fund for Senior
18Citizens appears on a tax return, the Franchise Tax Board shall
19determine whether the amount of contributions estimated to be
20received during the calendar year will equal or exceed two hundred
21fifty thousand dollars ($250,000). The Franchise Tax Board shall
22estimate the amount of contributions to be received by using the
23actual amounts received and an estimate of the contributions that
24will be received by the end of that calendar year.
25(2) The Franchise Tax Board shall provide written notification
26to the California Senior Legislature of the amount determined
27pursuant to paragraph (1).
28(3) If the Franchise Tax Board determines the amount of
29contributions estimated to be received during a calendar year will
30not at least equal the minimum contribution amount for the calendar
31year, this article shall become inoperative for taxable years
32beginning on or after January 1 of that calendar year, and shall be
33repealed on December 1 of that calendar year.
34(4) For purposes of this section, the minimum contribution
35amount for a calendar year means two hundred fifty thousand
37(c) Notwithstanding the repeal of this article, any contribution
38amounts designated pursuant to this article prior to its repeal shall
P3 1continue to be transferred and disbursed in accordance with this
2article as in effect immediately prior to that repeal.