Voluntary contributions: Arts Council Fund.

The Personal Income Tax Law authorizes taxpayers to contribute amounts in excess of their tax liability for the support of a specified fund, including the Arts Council Fund. Existing law provides that these provisions for contributions to the Arts Council Fund remain in effect only until January 1 of the 5th taxable year following the first appearance of the Arts Council Fund on the tax return, except that annually, commencing in the second calendar year of the fund appearing on the tax return, if the Franchise Tax Board determines that the amount of contributions estimated to be received during a calendar year will not equal or exceed the minimum contribution amount, as defined, for the calendar year, these provisions are repealed with respect to taxable years beginning on or after January 1 of that calendar year. Existing law requires the Franchise Tax Board to annually determine the amount of the minimum contribution and whether the amount of contributions equals or exceeds the minimum contribution amount by September 1 of the 2nd calendar year. This bill would delay the commencement date of the requirement that the Franchise Tax Board determine the amount of the minimum contribution and whether the amount of contributions equals or exceeds the minimum contribution amount to September 1 of the 3rd calendar year and would make related changes. This bill would state that it is the intent of the Legislature that any determination by the Franchise Tax Board with respect to the contributions estimated to be received for the 2012 calendar year under these provisions, made prior to the amendments made by this act, shall not be given effect. This bill would declare that it is to take effect immediately as an urgency statute.