There is in the State Treasury the California Sea Otter Fund to receive contributions made pursuant to Section 18754. Commencing January 1, 2021, the fund is hereby renamed the California Sea Otter Voluntary Tax Contribution Fund. All references in any provision of law, regulation, or contract to the California Sea Otter Fund shall be deemed to refer to the California Sea Otter Voluntary Tax Contribution Fund. The Franchise Tax Board shall notify the Controller of both the amount of money paid by taxpayers in excess of their tax liability and the amount of refund money that taxpayers have designated pursuant to Section 18754 to be transferred to the California Sea Otter Voluntary Tax Contribution Fund. The Controller shall transfer from the Personal Income Tax Fund to the California Sea Otter Voluntary Tax Contribution Fund an amount not in excess of the sum of the amounts designated by individuals pursuant to Section 18754 for payment into that fund.
(Amended by Stats. 2020, Ch. 229, Sec. 3. (SB 587) Effective January 1, 2021. Inoperative on date prescribed in Section 18754.3. Repealed on or before January 1, 2028, as prescribed in 18754.3.)