Plain English Breakdown
The exact timing of when space becomes available for the new contribution box depends on future actions by the Franchise Tax Board.
Voluntary Tax Contributions for Spinal Cord Injury Research
This law creates a new fund that allows taxpayers to choose to give extra money on their tax returns from 2027 through 2034 to support spinal cord injury research.
What This Bill Does
- Creates the California Spinal Cord Injury Research Voluntary Tax Contribution Fund for taxable years starting January 1, 2027, and before January 1, 2034.
- Allows individuals to mark an amount over their owed taxes on their tax return to be transferred to this new fund.
- Requires the Franchise Tax Board to add a space on tax forms for these contributions when another voluntary option is removed or when there is available space.
Who It Names or Affects
- Individual taxpayers who file personal income taxes in California during the specified years.
- The Franchise Tax Board, which must update tax return forms to include this new contribution option.
Terms To Know
- Voluntary contribution
- Money a taxpayer chooses to give in addition to what they owe the government for specific funds.
- Continuously appropriated fund
- A special account created by this bill where money is set aside automatically without needing new approval each year.
Limits and Unknowns
- The law applies only to tax years beginning on or after January 1, 2027, and before January 1, 2034.
- Provisions end earlier if the California Pediatric Cancer Research Voluntary Tax Contribution Fund appears on a tax return; specifically, they remain operative until January 1 of the seventh calendar year following that first appearance.