Plain English Breakdown
The official text mentions 'except as specified' regarding the expiration date, but does not list those exceptions in this summary.
California Pediatric Cancer Research Voluntary Tax Contribution Fund
This law creates a new fund that lets people choose to give extra money on their tax returns for pediatric cancer research.
What This Bill Does
- Creates the California Pediatric Cancer Research Voluntary Tax Contribution Fund.
- Allows taxpayers to designate an amount larger than what they owe in taxes to be transferred to this new fund.
- Requires the Franchise Tax Board to add a space on tax forms for this donation choice when another voluntary option is removed or if there is already room, whichever happens first.
- Sets up rules that last until January 1 of the seventh calendar year after the fund first appears on tax returns.
Who It Names or Affects
- Individual taxpayers who file personal income taxes in California
- The Franchise Tax Board
Terms To Know
- Continuously appropriated fund
- A government account where money can be spent without needing new approval each year.
Limits and Unknowns
- The exact date the donation option will appear on tax forms is not listed.
- This law stops working after seven years unless other rules change it.
- The specific amount of money needed to start or run the fund is not stated.