AB 924: Personal income tax: voluntary contributions: State Children’s Trust Fund.

Existing law allows individual taxpayers to contribute amounts in excess of their personal tax liability for the support of specified funds or accounts and previously allowed contributions to the State Childrens Trust Fund, which provides funding for child abuse and neglect prevention and intervention programs.

This bill, for taxable years beginning on or after January 1, 2015, would allow individual taxpayers to contribute amounts in excess of their tax liability to the State Childrens Trust Fund. The bill would prohibit a voluntary contribution designation for this fund from being added on the form of the tax return until another designation is removed or space is available, whichever occurs first.

This bill would require moneys in the State Childrens Trust Fund from the voluntary contributions, upon appropriation by the Legislature, to be allocated to the Franchise Tax Board and the Controller for reimbursement of costs, as provided, and the balance to the State Department of Social Services for specified uses related to the prevention of child abuse and neglect, as provided.

This bill would provide that these voluntary contribution provisions are inoperative and repealed on the earlier of the following: inoperative on January 1 of the 5th taxable year following the first appearance of the fund on the tax return and repealed on December 1 of that year or inoperative for taxable years beginning on or after January 1 of a specified calendar year in which the Franchise Tax Board estimates by September 1 that the contributions made on returns filed in that calendar year will be less than $250,000, or an adjusted amount for subsequent taxable years, and repealed on December 1 of that calendar year.