Attorney General No.
Secretary of State No.
AIDS RESEARCH. TAX CREDIT. INITIATIVE STATUTE. Establishes AIDS Research Trust Fund. Creates board to: administer fund, promote coordinated AIDS (acquired immune deficiency virus) research and related interventions including vaccine development, treatment and prevention education and award research grants. For tax years 1988, 1989, and 1990, allows individuals, estates, trusts and corporations a state income tax credit equal to 55 percent of contributions to the Trust Fund not exceeding $25 for individuals; $50 for joint filers, heads of households, and surviving spouses; and $5,000 for estates, trusts and corporations. Limits administrative expenses. Initially, Franchise Tax Board to solicit contributions for fund. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: The tax credit will result in state general fund losses, probably several million dollars annually, and larger revenue gains to the AIDS Research Trust Fund from 1988-89 and continuing through 1991-92. The Franchise Tax Board and the AIDS Research Trust Board will incur unknown administrative costs, likely in excess of several hundred thousand dollars annually, to administer the measure's program. In addition, the Franchise Tax Board will incur costs to administer the tax credit program which is estimated to be about $250,000 in the start-up year 1988-89, and probably less than $100,000 annually in 1989-90 through 1991-92 depending on taxpayer participation. The trust fund would finance administrative costs up to the measure's 6 percent cap on administrative expenses. Any additional costs would be financed by the state general fund. The State Controller would incur unknown administrative costs to perform the required annual audit of the trust fund. Such costs would be financed from the state general fund.
Gray Davis, 300 Capitol Mall 18Th Floor, Sacramento, Ca 95814 (916) 445-2636 P.O. Box 35036 Los Angeles, Ca 90035; Bruce B. Decker, 6300 Wilshire Blvd. Suite 1270, Los Angeles, California 90048 (213) 852-5213 P.O. Box 35036 Los Angeles, Ca 90035
Failed to Qualify
Aids Research. Tax Credit. California Initiative 434 (1988).