AB 2012, as introduced, Morrell. Voluntary contributions: 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 the minimum contribution is not received, or January 1, 2020, which ever occurs first.
This bill would eliminate the requirement that these contributions reach the minimum contribution amount.
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
2 is amended to read:
(a) Except as otherwise provided in subdivision (b),
4this article shall remain in effect only for taxable years beginning
5before January 1, 2020, and as of December 1, 2020, is repealed.
6(b) (1) By September 1, 2006, and by September 1 of each
7subsequent calendar year that the California Fund for Senior
8Citizens appears on a tax return, the Franchise Tax Board shall
P2 1determine whether the amount of contributions estimated to be
2received during the calendar year will equal or exceed two hundred
3fifty thousand dollars ($250,000). The Franchise Tax Board shall
4estimate the amount of contributions to be received by using the
5actual amounts received and an estimate of the contributions that
6will be received
by the end of that calendar year.
7(2) The Franchise Tax Board shall provide written notification
8to the California Senior Legislature of the amount determined
9pursuant to paragraph (1).
10(3) If the Franchise Tax Board determines the amount of
11contributions estimated to be received during a calendar year will
12not at least equal the minimum contribution amount for the calendar
13year, this article shall become inoperative for taxable years
14beginning on or after January 1 of that calendar year, and shall be
15repealed on December 1 of that calendar year.
16(4) For purposes of this section, the minimum contribution
17amount for a calendar year means two hundred fifty thousand
18dollars ($250,000).
19(c)
end delete
20begin insert(b)end insert Notwithstanding the repeal of this article, any contribution
21amounts designated pursuant to this article prior to its repeal shall
22continue to be transferred and disbursed in accordance with this
23article as in effect immediately prior to that repeal.
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