Attorney General No.
SA89RF0002
Secretary of State No.
459
Description
AIDS RESEARCH. TAX CREDIT. INITIATIVE STATUTE. Establishes AIDS Research Trust Fund. Creates Board to: administer fund, promote AIDS and HIV research, coordinate information exchange, award research grants for studies, vaccine development, treatment methods, and education. For tax years 1990 through 1994, allows a state income tax credit to individuals, estates, trusts and corporations of 50 percent of voluntary contributions to the AIDS Research Fund not to exceed $25 for individuals; $50 for joint filers, heads of household and surviving spouses; $5,000 for estates and trusts; and $10,000 for corporations. Allows insurance companies similar gross premiums tax credit. Limits administrative expenditures. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: The tax credits would result in state General Fund revenue losses, likely exceeding several million dollars annually. However, the voluntary contributions would result in larger revenue gains to the trust fund. The General Fund loss could reduce the minimum required level of K-14 school funding. Annual solicitation and collection costs will probably exceed several hundred thousand dollars. The Franchise Tax Board will incur additional administrative costs of approximately $250,000 for start-up expenses and less than $100,000 annually thereafter. The Controller will incur unknown costs to perform an annual audit. The trust fund would reimburse administrative costs up to the measure's 15 percent limitation on such expenses. Excess expenses are financed by the General Fund.
Proponents
Bruce B. Decker Health Policy And Research Foundation, 9060 Santa Monica Boulevard, Suite 106, Los Angeles, California 90069 (213) 278-9355; Michael S. Gottlieb, M.D., 4955 Van Nuys Boulevard, Suite 715, Sherman Oaks, California 91403 (818) 501-2600 (213) 872-0303; Revarend William J. Wood, S.J. Executive Director California Catholic Conference Cathedral Square, 1010 11Th Street, Suite 200, Sacramenco, California 95814-3807 (916) 443-4851
Date
5-30-1989
Document Type
Initiative
Qualified
Failed to Qualify
Recommended Citation
Aids Research. Tax Credit. California Initiative 459 (1989).
https://repository.uclawsf.edu/ca_ballot_inits/653