Bill Text: CA SB17 | 2015-2016 | Regular Session | Chaptered

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Bill Title: California Sea Otter Fund.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Passed) 2015-08-07 - Chaptered by Secretary of State. Chapter 136, Statutes of 2015. [SB17 Detail]

Download: California-2015-SB17-Chaptered.html

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BILL NUMBER: SB 17	CHAPTERED
	BILL TEXT

	CHAPTER  136
	FILED WITH SECRETARY OF STATE  AUGUST 7, 2015
	APPROVED BY GOVERNOR  AUGUST 7, 2015
	PASSED THE SENATE  APRIL 23, 2015
	PASSED THE ASSEMBLY  JULY 16, 2015

INTRODUCED BY   Senator Monning
   (Principal coauthors: Assembly Members Alejo and Mark Stone)


                        DECEMBER 1, 2014

   An act to amend Section 18754.3 of the Revenue and Taxation Code,
relating to taxation.


	LEGISLATIVE COUNSEL'S DIGEST


   SB 17, Monning. California Sea Otter Fund.
   Existing law, until January 1, 2016, establishes the California
Sea Otter Fund and allows taxpayers to designate on their income tax
returns that a specified amount in excess of their tax liability be
transferred to the fund. Existing law requires money in that fund,
upon appropriation by the Legislature, to be allocated to the
Department of Fish and Wildlife for the purposes of establishing a
sea otter fund to be used for sea otter conservation, and to the
State Coastal Conservancy for competitive grants and contracts for
research, projects, and programs related to the Federal Sea Otter
Recovery Plan or improving the nearshore ocean ecosystem.
   This bill would extend the operation of these provisions to
January 1, 2021.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 18754.3 of the Revenue and Taxation Code is
amended to read:
   18754.3.  (a) This article shall remain in effect only until
January 1, 2021, and as of that date, is repealed.
   (b) (1) By September 1 of each calendar year that the California
Sea Otter Fund appears on a tax return, the Franchise Tax Board shall
do both of the following:
   (A) Determine the minimum contribution amount required to be
received during the next calendar year for the fund to appear on the
tax return for the taxable year that includes that next calendar
year.
   (B) Determine whether the amount of contributions estimated to be
received during the calendar year will equal or exceed the minimum
contribution amount determined by the Franchise Tax Board for the
calendar year pursuant to subparagraph (A). The Franchise Tax Board
shall estimate the amount of contributions to be received by using
the actual amounts received and an estimate of the contributions that
will be received by the end of that calendar year.
   (2) If the Franchise Tax Board determines the amount of
contributions estimated to be received during a calendar year will
not equal or exceed the minimum contribution amount for the calendar
year, this article is repealed with respect to taxable years
beginning on or after January 1 of that calendar year.
   (3) For purposes of this section, "minimum contribution amount"
for a calendar year means two hundred and sixty thousand eight
hundred ninety dollars ($260,890) for the 2011 calendar year, or the
minimum contribution amount adjusted pursuant to subdivision (c).
   (c) For each calendar year after 2011 that the California Sea
Otter Fund appears on the tax return, the Franchise Tax Board shall
adjust, on or before September 1 of that calendar year, the minimum
contribution amount specified in subdivision (b) as follows:
   (1) The minimum contribution amount for the calendar year shall be
an amount equal to the product of the minimum contribution amount
for the prior calendar year multiplied by the inflation factor
adjustment as specified in paragraph (2) of subdivision (h) of
Section 17041, rounded off to the nearest dollar.
   (2) The inflation factor adjustment used for the calendar year
shall be based on the figures for the percentage change in the
California Consumer Price Index received on or before August 1 of the
calendar year pursuant to paragraph (1) of subdivision (h) of
Section 17041.
   (d) Notwithstanding the repeal of this article, any contribution
amounts designated pursuant to this article prior to its repeal shall
continue to be transferred and disbursed in accordance with this
article as in effect immediately prior to that repeal.