California Revenue and Taxation Code 34019.01 – Notwithstanding subdivision (f) of Section 34019, for the 2021-22 …
Notwithstanding subdivision (f) of Section 34019, for the 2021-22 fiscal year, the 2022-23 fiscal year, and the 2023-24 fiscal year, after disbursing funds pursuant to subdivisions (a), (b), (c), (d), and (e) of Section 34019, by November 1 following the fiscal year, the Controller shall disburse funds deposited in the tax fund during the prior fiscal year into sub-trust accounts in an amount not to exceed the 2020-21 fiscal year baseline. Any amount of funds that exceeds the 2020-21 fiscal year baseline shall remain in the tax fund for that fiscal year and shall be disbursed, as follows:
(a) (1) For the 2021-22 fiscal year, by November 1, 2022, the Controller shall disburse from the tax fund, to the extent available, an amount necessary to enable funds disbursed to the sub-trust accounts for the 2021-22 fiscal year pursuant to subdivision (f) of Section 34019 and Section 34019.1 to be equal to the 2020-21 fiscal year baseline.
Terms Used In California Revenue and Taxation Code 34019.01
- Baseline: Projection of the receipts, outlays, and other budget amounts that would ensue in the future without any change in existing policy. Baseline projections are used to gauge the extent to which proposed legislation, if enacted into law, would alter current spending and revenue levels.
- Controller: means the State Controller. See California Revenue and Taxation Code 21
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
(2) For the 2022-23 fiscal year, by November 1, 2023, the Controller shall disburse, to the extent available, an amount necessary to enable funds disbursed to the sub-trust accounts for the 2022-23 fiscal year pursuant to subdivision (f) of Section 34019 and Section 34019.1 to be equal to the 2020-21 fiscal year baseline.
(3) For the 2023-24 fiscal year, by November 1, 2024, the Controller shall disburse, to the extent available, an amount necessary to enable funds disbursed to the sub-trust accounts for the 2023-24 fiscal year pursuant to subdivision (f) of Section 34019 and Section 34019.1 to be equal to the 2020-21 fiscal year baseline.
(b) On or before January 1, 2026, any remaining moneys in the tax fund retained pursuant to this section and any interest derived shall be disbursed to the sub-trust accounts pursuant to subdivision (f) of Section 34019.
(Added by Stats. 2022, Ch. 56, Sec. 34. (AB 195) Effective June 30, 2022.)