AB 703

Bill Subjects

Abstract

Existing law allows an individual taxpayer to contribute amounts in excess of their personal income tax liability for the support of specified funds and accounts, including, among others, to the California Cancer Research Voluntary Tax Contribution Fund. This bill, until January 1, 2033, except as otherwise specified, would allow an individual to designate on their tax return that a specified amount in excess of their tax liability be transferred to the continuously appropriated California Pediatric Cancer Research Voluntary Tax Contribution Fund, which would be created by this bill. The bill would require the Franchise Tax Board to revise the tax return form to include a space for the designation of contributions to the fund when another voluntary designation is removed from the form or there is space, whichever occurs first. By establishing a new continuously appropriated fund, this bill would make an appropriation.