SB 575: California Sea Otter 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, for taxable years beginning on or after January 1, 2026, and before January 1, 2033, 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 California Sea Otter Voluntary Tax Contribution Fund, which would be created by this bill. 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. By establishing a new continuously appropriated fund, this bill would make an appropriation. The bill would require that the above provisions remain operative only until December 1, 2033, and be repealed as of that date. The bill would also require the fund to appear on the personal income tax return for taxable years beginning on or after January 1, 2026, and before January 1, 2033. The bill would require that the above provisions remain operative only until December 1, 2033, and be repealed as of that date. However, the bill would 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appearance on a return will not at least equal the minimum contribution amount, in which case these provisions would be repealed on December 1 of that year. The bill would require, notwithstanding the repeal of the bills provisions, that any contribution amounts designated prior to the repeal of the bills provisions be transferred and disbursed in accordance with those provisions, as specified.