CaliforniaIncome taxes: gross income exclusions: state of emergency: natural disaster settlements.
What it does
The Personal Income Tax Law and the Corporation Tax Law, in conformity with federal income tax law, generally defines gross income as income from whatever source derived, except as specifically excluded, and provides various exclusions from gross income.
More detail
This bill, for taxable years beginning on or after January 1, 2025, and before January 1, 2030, would provide an exclusion from gross income for amounts received from a settlement entity, as defined, by a qualified taxpayer, as defined, to replace property that is located in a city or county in this state and that was damaged or destroyed by a disaster or accidental or human-caused event for which a state of emergency or local emergency, as defined, was proclaimed.
Existing law requires a bill authorizing a new tax expenditure to contain, among other things, specific goals, purposes, and objectives the tax expenditure will achieve, detailed performance indicators, and data collection requirements.
This bill would include additional information required for any bill authorizing a new tax expenditure.
This bill would take effect immediately as a tax levy.
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Where it stands
- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Feb 2Returned to Secretary of Senate pursuant to Joint Rule 56.Latest
- 2025
- May 23May 23 hearing: Held in committee and under submission.
- May 20Set for hearing May 23.
- May 19May 19 hearing: Placed on APPR. suspense file.
- Vote recorded Placed on suspense file. Result: pass.Upper
- May 15Set for hearing May 19.
- May 14From committee: Do pass and re-refer to Com. on APPR. (Ayes 5. Noes 0. Page 1081.) (May 14). Re-referred to Com. on APPR.Minor
- Vote recorded Do pass, but first be re-referred to the Committee on [Appropriations]. Result: pass.Upper
- May 7From committee with author's amendments. Read second time and amended. Re-referred to Com. on REV. & TAX.Major
- Apr 28From committee with author's amendments. Read second time and amended. Re-referred to Com. on REV. & TAX.Major
- Mar 18Set for hearing May 14.
- Feb 14Referred to Com. on REV. & TAX.Minor
- Feb 4From printer. May be acted upon on or after March 6.
- Feb 3Introduced. Read first time. To Com. on RLS. for assignment. To print.Introduced