SECTIONS 18731 - California Statutes

REVENUE AND TAXATION CODE

SECTION 18731

18731. (a) Any individual may designate on the tax return that a
contribution in excess of the tax liability, if any, be made to the
Veterans Memorial Account in the General Fund, as established
pursuant to Section 1316 of the Military and Veterans Code.
(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 beginning on or after January 1, 1991, and before
January 1, 1997, on the initial return for that taxable year, and
once made shall be irrevocable.
In the event that payments and credits reported on the return,
together with any other credits associated with the taxpayer's
account, do not exceed the tax liability, if any, shown thereupon,
the return shall be treated as though no designation had been made.
If the amount designated exceeds the amount actually available for
designation, the amount designated shall be adjusted to correspond
to the amount actually available for designation.
(d) In the event a taxpayer designates a contribution to more than
one account, 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 forms of the return
to include a space labeled the Veterans Memorial Account to allow for
the designation permitted under subdivision (a). The forms shall
also include in the instructions the information that the
contribution may be in the amount of one dollar ($1) or more and that
the contribution shall be used to build a memorial to California
veterans.
(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).