Today's Law As Amended


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AB-2955 Income taxes: designations: administration: Veterans Memorial Account.(1995-1996)



As Amends the Law Today


SECTION 1.

 Section 18731 of the Revenue and Taxation Code is amended to read:

18731.
 (a)   There is hereby established in the State Treasury the California Senior Citizen Advocacy Voluntary Tax Contribution Fund to receive contributions made pursuant to Section 18730. 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 18730 to be transferred to the California Senior Citizen Advocacy Voluntary Tax Contribution Fund. The Controller shall transfer from the Personal Income Tax Fund to the California Senior Citizen Advocacy Voluntary Tax Contribution Fund an amount not  Any individual may designate on the tax return that a contribution  in excess of the sum of the amounts designated by individuals  tax liability, if any, be made to the Veterans Memorial Account in the General Fund, as established  pursuant to Section 18730 for payment into that fund. 1316 of the Military and Veterans Code.  
(b)  The contribution shall be in full dollar amounts and may be made individually by each signatory on the joint return.
(c)  A designation under subdivision (a) shall be made for any taxable year beginning on or after January 1, 1991, and before January 1, 1997, on the initial return for that taxable year, and once made shall be irrevocable.
In the event that payments and credits reported on the return, together with any other credits associated with the taxpayer’s account, do not exceed the tax liability, if any, shown thereupon, the return shall be treated as though no designation had been made.
If the amount designated exceeds the amount actually available for designation, the amount designated shall be adjusted to correspond to the amount actually available for designation.
(d)  In the event a taxpayer designates a contribution to more than one account, and the amount available is insufficient to satisfy the total amount designated, the contribution shall be allocated among the designees on a pro rata basis.
(b) (e)  Notwithstanding   any other law, the California Senior Citizen Advocacy Voluntary Tax Contribution Fund is the successor fund of the California Senior Legislature Fund. All assets, liabilities, revenues, and expenditures of the California Senior Legislature Fund shall be transferred to, and become a part of, the California Senior Citizen Advocacy Voluntary Tax Contribution Fund, as provided in Section 16346 of the Government Code. Any references in state law to the California Senior Legislature Fund shall be construed to refer to the California Senior Citizen Advocacy Voluntary Tax Contribution Fund. The Franchise Tax Board shall revise the forms of the return to include a space labeled the Veterans Memorial Account to allow for the designation permitted under subdivision (a). The forms shall also include in the instructions the information that the contribution may be in the amount of one dollar ($1) or more and that the contribution shall be used to build a memorial to California veterans.  
(f)  A deduction shall be allowed under Article 6 (commencing with Section 17201) of Chapter 3 of Part 10 for any contribution made pursuant to subdivision (a).

SEC. 2.

 Article 16 (commencing with Section 18871) is added to Chapter 3 of Part 10.2 of Division 2 of the Revenue and Taxation Code, to read:

Article  16. General Provisions
18871.
 In implementing this chapter, both of the following requirements shall apply:
(a)  Unless otherwise specifically required by law, each voluntary contribution fund or account established by this chapter shall be included on the forms of the return through the taxable year immediately preceding the year of repeal of the article establishing that voluntary contribution fund or account.
(b)  Notwithstanding the repeal of any article of this chapter, the voluntary contribution fund or account specified in that article shall continue in effect until December 31 of the year of the repeal of that article, and any contribution designated pursuant to that article on a timely filed initial return for the taxable year immediately preceding the date of repeal shall be transferred and disbursed, and all costs incurred by the Franchise Tax Board and Controller in connection with the transfer and disbursement of these contribution amounts shall continue to be paid, in accordance with that article as it read immediately prior to its repeal.