Bill Text: CA SB587 | 2019-2020 | Regular Session | Amended
Bill Title: California Sea Otter Voluntary Tax Contribution Fund.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2020-09-28 - Chaptered by Secretary of State. Chapter 229, Statutes of 2020. [SB587 Detail]
Download: California-2019-SB587-Amended.html
Amended
IN
Senate
January 06, 2020 |
Amended
IN
Senate
August 12, 2019 |
Introduced by Senator Monning |
February 22, 2019 |
LEGISLATIVE COUNSEL'S DIGEST
Digest Key
Vote: MAJORITY Appropriation:Bill Text
The people of the State of California do enact as follows:
SECTION 1.
The heading of Article 5.6 (commencing with Section 18754) of Chapter 3 of Part 10.2 of Division 2 of the Revenue and Taxation Code is amended to read:Article 5.6. California Sea Otter Voluntary Tax Contribution Fund
SEC. 2.
Section 18754 of the Revenue and Taxation Code is amended to read:18754.
(a) An individual may designate on the tax return that a contribution in excess of the tax liability, if any, be made to the California Sea Otter Voluntary Tax Contribution Fund, established by Section 18754.1. That designation is to be used as a voluntary checkoff on the tax return.SEC. 3.
Section 18754.1 of the Revenue and Taxation Code is amended to read:18754.1.
There is in the State Treasury the California Sea Otter Fund to receive contributions made pursuant to Section 18754. Commencing January 1, 2021, the fund is hereby renamed the California Sea Otter Voluntary Tax Contribution Fund. All references in any provision of law, regulation, or contract to the California Sea Otter Fund shall be deemed to refer to the California Sea Otter Voluntary Tax Contribution Fund. The Franchise Tax Board shall notify the Controller of both the amount of money paid by taxpayers in excess of their tax liability and the amount of refund money that taxpayers have designated pursuant to Section 18754 to be transferred to the California Sea Otter Voluntary Tax Contribution Fund. The Controller shall transfer from the Personal Income Tax Fund to the California Sea Otter Voluntary Tax Contribution Fund an amount not in excess of the sum of the amounts designated by individuals pursuant to Section 18754 for payment into that fund.SEC. 4.
Section 18754.2 of the Revenue and Taxation Code is amended to read:18754.2.
(a) All money transferred to the California Sea OtterSECTION 1.SEC. 5.
Section 18754.3 of the Revenue and Taxation Code is amended to read:18754.3.
(a)(A)Determine the minimum contribution amount required tobe received during the next calendar year for the fund to appearon the tax return for the taxable year that includes that next calendar year.
(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)