(1) CAMPAC is the California Mortgage Bankers Association’s state political action committee and is dedicated to the survival of the California mortgage finance industry and improvement of its California regulatory environment. Currently, the maximum corporate or individual contribution to CAMPAC is $7,300. CAMPAC contributions are a nondeductible business expense for income tax purposes. THIS IS NOT A CHARITABLE CONTRIBUTION.
(2 The Omnibus Reconciliation Act of 1993 prohibits you from deducting for federal income tax purposes beginning January 1, 1994, the portion of your membership dues which are allocable to the lobbying and political activities of California MBA. California MBA reasonably estimates that 26% of your membership dues are allocable to these expenditures for California MBA’s fiscal year 2018-2019. Accordingly, California MBA estimates that 74% of your membership dues are deductible as a business expense, regardless of when the dues were actually paid. You may wish to seek further advice on this law from your attorney or tax advisor.
California Mortgage Bankers Association, 520 Capitol Mall, Suite 440, Sacramento, CA 95814, (916) 446-7100 Fax (916) 446-7105 Web site: www.cmba.com