17053.88.
(a) For the taxable years beginning on or after January 1, 2018, there shall be allowed as a credit against the “net tax,” as defined in Section 17039, an amount equal to the amount contributed by the taxpayer for the taxable year to the California Excellence Fund.(b) (1) The California Excellence Fund is hereby created in the General Fund to accept monetary contributions for exclusively public purposes as specified under Section 170 of the Internal Revenue Code, relating to charitable, etc., contributions and gifts. All amounts in the fund shall be used for those public purposes upon appropriation by the Legislature.
(2) (A) For
the purposes of this section and Section 23688, the Treasurer shall do both of the following:
(i) Establish a procedure for the public to make monetary contributions to the California Excellence Fund and for any taxpayer to obtain from the Treasurer a certification for the credit allowed by this section and Section 23688. The procedure shall require the Treasurer to certify the contribution amount eligible for credit within 45 days following receipt of the contribution.
(ii) Provide to the Franchise Tax Board a copy of each credit certificate issued for the calendar year by March 1 of the calendar year immediately following the year in which those certificates are issued.
(B) (i) The Treasurer shall adopt any regulations necessary or appropriate to implement this subdivision.
(ii) The Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code) shall not apply to any regulation adopted by the Treasurer pursuant to clause (i).
(c) (1) 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 five years if necessary, until the credit is exhausted.
(2) A deduction shall not be allowed under this part for amounts taken into account under this section in calculating the credit allowed by this section.
(d) The tax credit allowed by subdivision (a) and subdivision (a) of Section 23688 for donations to the California Excellence Fund
shall be known as the California Excellence Fund Tax Credit.
(e) Section 41 shall not apply to the credit allowed by this section.