AL HB532

Amends Section 40-18-140 of the Code of Alabama 1975 to add the Children First Trust Fund as an authorized income tax refund check-off program, effective beginning in the 2015 tax year.

Allows Alabama resident individual income taxpayers to designate a portion of their tax refund (in whole dollar amounts) to contribute to the Children First Trust Fund by checking an appropriate box on the state income tax return form.

Directs contributions to be deposited with the State Treasurer and distributed to the Children First Trust Fund, with up to 5% of contributions retained by the Department of Revenue for administrative costs.

Requires check-off programs to maintain average annual gross contributions of at least $7,500 over a three-year period; programs failing to meet this threshold will be removed from tax return forms in the succeeding tax year.

Becomes effective on the first day of the third month following passage and approval by the Governor.