Section 18748 - [Effective 1/1/2025] [Effective until 1/1/2032] Repealer; duties of Franchise Tax Board(a) Except as otherwise provided in subdivision (b), this article shall remain in effect only until January 1, 2032, and is repealed as of December 1 of that year.(b)(1) By September 1 of the 2018 calendar year and each calendar year thereafter that the Protect Our Coast and Oceans Voluntary Tax Contribution Fund appears on the tax return, the Franchise Tax Board shall determine whether the amount of contributions estimated to be received during the calendar year will equal or exceed the minimum contribution amount for the calendar year pursuant to paragraph (3). The Franchise Tax Board shall estimate the amount of contributions to be received by using the actual amounts received and an estimate of the contributions that will be received by the end of that calendar year.(2) If the Franchise Tax Board determines that the amount of the contributions estimated to be received during a calendar year will not at least equal the minimum contribution amount for the calendar year, this article is inoperative with respect to taxable years beginning on or after January 1 of that calendar year, and shall be repealed on December 1 of that calendar year.(3) For purposes of this section, the minimum contribution amount for a calendar year means two hundred fifty thousand dollars ($250,000).Ca. Rev. and Tax. Code § 18748
Amended by Stats 2024 ch 150 (AB 2197),s 1, eff. 1/1/2025.Amended by Stats 2024 ch 1000 (AB 178),s 4, eff. 9/30/2024.Amended by Stats 2017 ch 519 (SB 503),s 4, eff. 1/1/2018.Added by Stats 2013 ch 323 (AB 754),s 1, eff. 1/1/2014.This section is set out more than once due to postponed, multiple, or conflicting amendments.