Bill > SB1073

This bill establishes the Black Cultural District Voluntary Tax Contribution Fund, allowing individual taxpayers to voluntarily contribute any amount in excess of their tax liability to this new fund by checking a box on their state income tax return. These contributions, which are tax-deductible, will be continuously appropriated and allocated first to cover administrative costs for the Franchise Tax Board and the Controller, and then to the Arts Council. The Arts Council will then distribute these funds for the construction and maintenance of a designated Black Cultural District in the south City of Los Angeles, aiming to celebrate diversity, support local artists, and promote socioeconomic and ethnic diversity. The bill includes provisions for the Franchise Tax Board to update tax forms to include this voluntary contribution option and specifies that these provisions will remain in effect until January 1, 2031, with an earlier repeal if estimated contributions fall below a minimum amount.