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CA SB997
Bill
AI Summary
- Repeals the California Fund for Senior Citizens voluntary contribution program effective December 1, 2014
- Creates a new California Senior Legislature Fund allowing taxpayers to designate contributions in excess of tax liability beginning January 1, 2014
- Requires the Franchise Tax Board to allocate fund moneys (upon legislative appropriation) to reimburse administrative costs and provide remaining balance to the California Senior Legislature for activities benefiting older persons
- Sets a minimum contribution threshold of $250,000 annually; if contributions fall below this amount, the program becomes inoperative and is repealed
- Adjusts the minimum contribution amount annually for inflation beginning the third calendar year after the fund first appears on tax returns
Legislative Description
Voluntary contributions: California Fund for Senior
Last Action
Chaptered by Secretary of State. Chapter 248, Statutes of 2014.
8/22/2014
Committee Referrals
Appropriations6/26/2014
Revenue and Taxation5/19/2014
Appropriations4/24/2014
Governance and Finance4/10/2014
Rules2/13/2014
Full Bill Text
No bill text available