CaliforniaPersonal Income Tax Law: Corporation Tax Law: exclusions: wildfires.
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, 2022, and before January 1, 2027, would provide an exclusion from gross income for amounts received by a qualified taxpayer, as defined, in settlement for costs and losses associated with the 2021 Dixie Fire in the Counties of Butte, Plumas, Lassen, Shasta, and Tehama, or the 2022 Mill Fire in the County of Siskiyou, 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.
The bill would make legislative 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 77. Noes 0. Page 2082.).Passed Assembly
- Vote recorded AB 429 Hadwick 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 12Re-referred to Com. on APPR.Minor
- May 8Read second time and amended.Major
- May 7From committee: Amend, and do pass as amended and re-refer to Com. on APPR. (Ayes 7. Noes 0.) (May 5).Major
- May 5
- Vote recorded Do pass as amended 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 18Referred to Com. on REV. & TAX.Minor
- Feb 6From printer. May be heard in committee March 8.
- Feb 5Read first time. To print.Introduced