Personal income tax: deductions: pet adoption costs: voluntary contributions.

The Personal Income Tax Law allows various deductions in computing the income that is subject to the taxes imposed by that law. This bill would allow for taxable years beginning on or after January 1, 2010, and before January 1, 2015, a deduction under that law for the qualified costs paid or incurred during the taxable year by a taxpayer for the adoption of pets from a qualified animal rescue organization, as defined. Existing law relating to the administration of personal income taxes authorizes individual taxpayers to contribute amounts in excess of their tax liability for the support of specified funds or accounts. This bill would allow individual taxpayers to designate on their tax returns, that a specified amount in excess of their tax liability be transferred to the Pet Adoption Cost Deduction Fund, which would be created by this bill. This bill would provide that all moneys contributed to the fund, upon appropriation by the Legislature, be allocated to the Franchise Tax Board and the Controller for reimbursement of costs, as provided, to the Controller for reimbursement of the General Fund for revenue losses from providing the deduction for pet adoption costs, and to the Department of Food and Agriculture for purposes relating to abandoned and impounded animals. This bill would provide that these voluntary contribution provisions are repealed on either January 1 of the 5th taxable year following the taxable year the fund first appears on the personal income tax return or on January 1 of an earlier calendar year, if the Franchise Tax Board estimates that the annual contribution amount will be less than $250,000, or an adjusted amount, as specified, for subsequent taxable years.