CaliforniaPersonal Income Tax Law: Corporation Tax Law: wildfires: exclusions.
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 would, for taxable years beginning on or after January 1, 2023, and before January 1, 2028, provide an exclusion from gross income for a qualified taxpayer, as defined, for amounts received for costs and losses associated with wildfires, 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.
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Where it stands
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Feb 2From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.Latest
- Jan 31Died pursuant to Art. IV, Sec. 10(c) of the Constitution.Major
- 2025
- Apr 28In committee: Held under submission.
- Apr 28In committee: Set, second hearing. Referred to REV. & TAX. suspense file.Minor
- Apr 22Re-referred to Com. on REV. & TAX.Minor
- Apr 21From committee chair, with author's amendments: Amend, and re-refer to Com. on REV. & TAX. Read second time and amended.Major
- Mar 17In committee: Set, first hearing. Hearing canceled at the request of author.
- Feb 18Referred to Com. on REV. & TAX.Minor
- Feb 4From printer. May be heard in committee March 6.
- Feb 3Read first time. To print.Introduced