SB 1073: Income taxes: voluntary contributions: Black Cultural District Voluntary Tax Contribution Fund.

The bill would allow individual taxpayers to voluntarily contribute amounts in excess of their tax liability to a new fund, the Black Cultural District Voluntary Tax Contribution Fund. This fund would be created to support the construction and maintenance of a designated Black Cultural District in South City of Los Angeles. The funds would be allocated to various entities, including the Arts Council. Taxpayers would be required to designate their contributions on their tax return. The provisions would remain in effect until January 1 of the 7th calendar year following the first appearance of the fund on the tax return. If the estimated contributions for the second and later years do not meet a minimum amount, the provisions would be repealed on December 1 of that year.