Personal Income Tax Law: Corporation Tax Law: Bobcat Fire: exclusions.
Vote required
Two Thirds
Fiscal committee
No
Appropriation
No
Current location
Revenue and Taxation
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill creates a temporary tax exclusion for certain taxpayers who suffered losses or expenses related to the 2020 Bobcat Fire in Los Angeles County. Specifically, it allows qualified taxpayers – including property owners, residents, and businesses – to exclude amounts received in settlement from their gross income for taxable years beginning before January 1, 2029. The bill also requires Southern California Edison, the settlement entity, to provide documentation to the Franchise Tax Board and mandates a report to the Legislature assessing the program’s effectiveness after three years.
Key provisions
- Provides a gross income exclusion for qualified taxpayers who incurred losses related to the 2020 Bobcat Fire in Los Angeles County.
- Defines ‘qualified taxpayer’ as property owners, residents, and businesses within the affected county who received settlement payments.
- Specifies ‘settlement entity’ as Southern California Edison or its subsidiaries.
- Requires settlement entities to provide documentation to the Franchise Tax Board upon request.
- Mandates a report to the Legislature in 2029 assessing the program’s impact.
- Establishes a sunset date for the exclusion, expiring on December 1, 2029.
- Includes provisions for evaluating the program's effectiveness based on the number of taxpayers utilizing the exclusion and the total amount of settlement payments.
- Requires the Franchise Tax Board to comply with Section 41 regarding the exclusion.
Who is affected
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Sponsors
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4 on record
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