(a) Except as otherwise provided in subdivision (b), this article shall remain in effect only until January 1, 2028, and as of that date, is repealed.
(b) (1) By September 1 of the second calendar year, and each calendar year thereafter, that the California Sea Otter Voluntary Tax Contribution Fund appears on a tax return, the Franchise Tax Board shall determine whether the amount of contributions estimated to be received during the calendar year will equal or exceed two hundred fifty thousand dollars ($250,000). The Franchise Tax Board shall estimate the amount of contributions to be received by using the actual amounts received and an estimate of the contributions that will be received by the end of that calendar year.
(2) If the Franchise Tax Board determines the amount of contributions estimated to be received during a calendar year will not equal or exceed two hundred fifty thousand dollars ($250,000), this article shall be inoperative with respect to taxable years beginning on or after January 1 of that calendar year, and shall be repealed on December 1 of that year.
(c) Notwithstanding the repeal of this article, any contribution amounts designated pursuant to this article prior to its repeal shall continue to be transferred and disbursed in accordance with this article as in effect immediately prior to that repeal.
(Amended by Stats. 2020, Ch. 229, Sec. 5. (SB 587) Effective January 1, 2021. Repealed on or before January 1, 2028, as provided by its own provisions. Note: Repeal affects Article 5.6, commencing with Section 18754.)