§ 12352

(a) The comprehensive plan for a California Economic Improvement Tax Voucher Program shall include, but not be limited to, all of the following:

(1) Tax vouchers that are periodically created through statute as assets of the state. The vouchers created shall be in small increments to ensure widespread access to participants of varying wealth and income levels.

(A) The vouchers shall be allowed as a credit against a taxpayer’s income tax liability under the Personal Income Tax Law or the Corporation Tax Law for future taxable years beginning after the year in which they are sold.

(B) The vouchers shall be able to be carried over to future taxable years, up to an established maximum number of years.

(C) The vouchers shall be fully transferable, in accordance with an established process.

(D) The vouchers shall be allowed for participants to use for tax liabilities under the Personal Income Tax Law or the Corporation Tax Law.

(E) The value of the tax vouchers shall be considered proceeds of taxes for the purposes of Section 8 of Article XIII B and Section 20 of Article 16 in the year that they are claimed.

(2) Authority for the Treasurer, or other state entity, to allocate tax vouchers to incentivize participants to contribute to the state, which would be considered prepayment of taxes, to provide immediate resources to the state. The allocation of tax vouchers shall be limited to circumstances that provide reasonable fiscal benefit to the state, taking into account acquiring up front resources and the future use of the tax vouchers.

(3) Exclusion of any capital gain from the tax vouchers from state income taxes.

(4) A special fund for which the proceeds from the allocation of tax vouchers are deposited.

(5) A confidential registry of the tax vouchers maintained by the Franchise Tax Board to track the ownership of the tax vouchers.

(b) Moneys deposited in the special fund shall be available, upon appropriation by the Legislature, for one-time or short-term purposes that provide long-term benefits to the state, which may include, but are not limited to, all of the following:

(1) Economic stimulus investments.

(2) Affordable housing investments.

(3) Homelessness reduction investments.

(4) Emergency preparation investments.

(5) Short-term program costs to avoid program reductions that cause long-term economic harm.

(6) Infrastructure investments.

(7) Green economy investments.

(Added by Stats. 2020, Ch. 264, Sec. 4. (AB 107) Effective September 29, 2020. Repealed as of January 1, 2022, pursuant to Sec. 12353.)