Personal income tax: voluntary contributions: California Breast Cancer Research Voluntary Tax Contribution Fund and California Cancer Research Voluntary Tax Contribution Fund.
The amendment will impact state law by prolonging the existing mechanism for voluntary tax contributions towards cancer research, enhancing the financial backing that these programs receive from taxpayers who wish to allocate their tax returns to charitable efforts. This legislative change will help ensure that the contributions do not cease after the previous expiration date of January 1, 2025, thus allowing for a more sustained investment in cancer research. Legally, this bill does not establish new taxes but rather extends a current option available to taxpayers, reinforcing the state’s commitment to public health initiatives focused on cancer.
Senate Bill 1172, introduced by Senator Grove, aims to amend the Revenue and Taxation Code concerning voluntary contributions to two specific funds: the California Breast Cancer Research Voluntary Tax Contribution Fund and the California Cancer Research Voluntary Tax Contribution Fund. The bill extends the provisions allowing individuals to contribute a specified amount exceeding their tax liability to these funds until January 1, 2032, thereby supporting ongoing cancer research initiatives in California. This extension seeks to provide a continuous source of funding for research activities that are pivotal in combating breast cancer and other cancers through respective research programs.
The sentiment surrounding SB 1172 appears to be largely favorable among legislators and advocacy groups supporting cancer research. Supporters of the bill laud it for its role in facilitating important research initiatives, aiming to create a positive health impact for California residents. There is a recognition of the importance of funding cancer research and the role voluntary contributions play in this domain. However, opposition may arise among individuals concerned about the implications of extending tax-related provisions without comprehensive evaluation, questioning fiscal sustainability and efficiency in public funding.
While discussions about the bill have not revealed significant contention, the primary point of debate mainly involves the balance between voluntary taxpayer contributions for social causes and the potential for increased state reliance on such funding mechanisms. Any concerns voiced pertain to ensuring that the minimum contribution thresholds of $250,000 required for the funds to remain active are met annually, as stipulated by the bill. The effectiveness of the research funded through these contributions and whether they yield tangible results in breast cancer and general cancer research will be critical points to monitor as the bill progresses.