Income taxes: voluntary contributions: Black Cultural District Voluntary Tax Contribution Fund.

Plain English Breakdown

The specific amount of minimum contribution required for early repeal is not specified in the official source material.

Voluntary Tax Contributions for Black Cultural District

This law allows taxpayers to donate extra money beyond what they owe in taxes to a new fund supporting the construction and maintenance of the Black Cultural District in South Los Angeles.

What This Bill Does

• Allows individuals to designate on their tax returns an amount in excess of their tax liability for transfer to the newly created Black Cultural District Voluntary Tax Contribution Fund.
• Requires the Franchise Tax Board to revise tax return forms to include a space for contributions to this fund.
• Allocates funds from the new voluntary contribution fund to the Arts Council for construction and maintenance of the Black Cultural District in South Los Angeles.
• Sets provisions operative until January 1, 2031, but allows earlier repeal if estimated future contributions do not meet minimum levels.

Who It Names or Affects

• Taxpayers who wish to contribute extra money from their taxes to support the Black Cultural District in South Los Angeles.
• The Arts Council and other entities involved in building and maintaining the Black Cultural District.

Terms To Know

Voluntary Tax Contribution

Extra money that taxpayers can choose to give beyond what they owe for their taxes.

Black Cultural District

A specific area in South Los Angeles designated for cultural and artistic activities related to Black heritage.

Limits and Unknowns

• The provisions will automatically end on January 1, 2031, unless they are stopped earlier based on the amount of contributions received.
• It's not clear how much money will be collected or if enough people will choose to donate extra tax money.

Official Summary Text

SB 1073, as amended, Smallwood-Cuevas.
Black
Income taxes: voluntary contributions: Black
Cultural District Voluntary Tax Contribution Fund.
Existing law allows an individual taxpayer to contribute amounts in excess of their personal income tax liability for the support of specified funds and accounts, including, among others, to the Native California Wildlife Rehabilitation Voluntary Tax Contribution Fund.
This bill would allow an individual to designate on their tax return that a specified amount in excess of their tax liability be transferred to the
continuously appropriated
Black Cultural District Voluntary Tax Contribution
Fund,
Fund (fund),
which would be
created by this
bill, the funds of which would be available upon appropriation.
bill. The bill would allocate moneys in the fund to, among other entities, the Arts Council for allocation for the construction and maintenance of the Black Cultural District designated in south City of Los Angeles.
The bill would require the Franchise Tax Board to revise the tax return form to include a space for the designation of contributions to the fund.
The bill would make these provisions operative only until January 1, 2031, as specified.
By establishing a new continuously appropriated fund, the bill would make an appropriation.
This bill would provide that these provisions would remain operative only until January 1 of the 7th calendar year following the first appearance of the fund on the tax return, but would further provide for an earlier repeal if the Franchise Tax Board determines that the amount of contributions estimated to be received during the 2nd and later calendar years after its first appearance on a return will not at least equal the minimum contribution amount, in which case these provisions would be repealed on December 1 of that year.

Current Bill Text

Download Bill PDF