Personal Income Tax: voluntary contribution funds.
Impact
The impact of SB 473 may prompt revisions to current tax law as it seeks to optimize the framework surrounding voluntary contributions. By reforming how taxpayers can allocate excess amounts beyond their tax liabilities, the bill could enhance taxpayer engagement in contributing to various socially beneficial funds. If successfully enacted, it may streamline processes and improve transparency regarding how voluntary contributions are designated and managed, potentially leading to increased taxpayer participation in these programs.
Summary
Senate Bill No. 473, presented by Senator Moorlach, focuses on the area of taxation, specifically the personal income tax voluntary contribution funds. This bill asserts the intent of the California Legislature to implement reforms around the existing voluntary contribution funds that allow taxpayers to designate amounts to certain specified funds beyond their tax liabilities. The legislative counsel's digest indicates that the bill will set the stage for future legislative action aimed at modifying how these voluntary contributions are managed and utilized.
Contention
While the summary of discussions and voting history surrounding SB 473 are not explicitly detailed in the available documents, notable points of contention often arise in tax legislation regarding the allocation of taxpayer dollars and the effectiveness of voluntary contribution funds. Opponents of similar initiatives may voice concerns regarding the administrative burden these changes could impose and the potential for mismanagement of funds. Proponents may argue the necessity of reform to better serve community needs through efficient use of voluntary contributions.
Personal income tax: voluntary contributions: California Breast Cancer Research Voluntary Tax Contribution Fund and California Cancer Research Voluntary Tax Contribution Fund.
Personal income taxes: voluntary contributions: Endangered and Rare Fish, Wildlife, and Plant Species Conservation and Enhancement Account: Native California Wildlife Rehabilitation Voluntary Tax Contribution Fund: covered grants.
Voluntary tax contributions: California Firefighters’ Memorial Voluntary Tax Contribution Fund: California Peace Officer Memorial Foundation Voluntary Tax Contribution Fund.