LEGISLATIVE COUNSEL'S DIGEST
SB 997, Senator 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, whichever occurs first.
This bill would repeal these provisions and would instead allow a taxpayer, for taxable years beginning on or after January 1, 2014, to designate an amount in excess of tax liability to be deposited to the California Senior Legislature Fund, which the bill would create. This bill would require moneys transferred to the California Senior Legislature Fund, upon appropriation by the Legislature, to be allocated to the Franchise Tax Board and Controller, as provided, and to the California Senior Legislature for the purpose of funding the activities of the California Senior Legislature, as provided.
This bill would repeal these voluntary contribution provisions by a specified date or, if contributions made on returns would be less than a specified amount, by an earlier date as provided.
Vote Required: majority Appropriation: no Fiscal Committee: yes Local Program: no