CaliforniaPersonal Income Tax Law: Corporation Tax Law: Bobcat Fire: exclusions.
What it does
The Personal Income Tax Law and the Corporation Tax Law, in conformity with federal income tax law, generally define "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, 2024, and before January 1, 2029, would provide an exclusion from gross income for any qualified taxpayer, as defined, for amounts received in settlement for costs and losses associated with the 2020 Bobcat Fire in the County of Los Angeles, as provided.
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 make findings and declarations related to a gift of public funds.
This bill would declare that it is to take effect immediately as an urgency statute.
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Where it stands
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2025
- Jun 18Referred to Com. on REV. & TAX.Latest
- Jun 5In Senate. Read first time. To Com. on RLS. for assignment.Minor
- Jun 4Read third time. Urgency clause adopted. Passed. Ordered to the Senate. (Ayes 72. Noes 0. Page 2076.).Passed Assembly
- Vote recorded AB 97 Lackey Third Reading Urgency. Result: pass.Lower
- May 27Read second time. Ordered to third reading.Minor
- May 23From committee: Do pass. (Ayes 14. Noes 0.) (May 23).Minor
- Vote recorded Do pass. Result: pass.Lower
- May 21Joint Rule 62(a), file notice suspended. (Page 1627.)
- May 21In committee: Set, first hearing. Referred to APPR. suspense file.Minor
- May 14In committee: Hearing postponed by committee.
- May 6From committee: Do pass and re-refer to Com. on APPR. (Ayes 7. Noes 0.) (May 5). Re-referred to Com. on APPR.Minor
- May 6Coauthors revised.
- May 5
- Vote recorded Do pass and be re-referred to the Committee on [Appropriations]. Result: pass.Lower
- Mar 17In committee: Set, first hearing. Referred to REV. & TAX. suspense file.Minor
- Feb 3Referred to Com. on REV. & TAX.Minor
- Jan 8From printer. May be heard in committee February 7.
- Jan 7Read first time. To print.Introduced