Section 18725 Of Article 3.5. California Senior Legislature Fund From California Revenue And Taxation Code >> Division 2. >> Part 10.2. >> Chapter 3. >> Article 3.5.
18725
. (a) For taxable years beginning on or after January 1, 2014,
any individual may designate on the tax return that a contribution
in excess of the tax liability, if any, be made to the California
Senior Legislature Fund established by Section 18726 to be used to
conduct the sessions of the California Senior Legislature and to
support its ongoing activities on behalf of older persons.
(b) The contribution shall be in full dollar amounts and may be
made individually by each signatory on the joint return.
(c) A designation under subdivision (a) shall be made for any
taxable year on the initial return for that taxable year, and once
made shall be irrevocable. If payments and credits reported on the
return, together with any other credits associated with the
individual's account, do not exceed the individual's tax liability,
the return shall be treated as though no designation has been made.
(d) If an individual designates a contribution to more than one
account or fund listed on the tax return, and the amount available is
insufficient to satisfy the total amount designated, the
contribution shall be allocated among the designees on a pro rata
basis.
(e) The Franchise Tax Board shall revise the form of the return to
include a space labeled "California Senior Legislature Fund" to
allow for the designation permitted under subdivision (a). The form
shall also include in the instructions information that the
contribution may be in the amount of one dollar ($1) or more and that
the contribution shall be used to conduct the sessions of the
California Senior Legislature and to support its ongoing activities
on behalf of older persons.
(f) A deduction shall be allowed under Article 6 (commencing with
Section 17201) of Chapter 3 of Part 10 for any contribution made
pursuant to subdivision (a).