SB 268
Income taxes: gross income exclusions: state of emergency: natural disaster settlements.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Appropriations
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Sign in to take action- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Bill overview
This bill would temporarily allow California taxpayers who have received settlement money after a disaster to exclude those amounts from their gross income. Specifically, it would apply to payments received from a ‘settlement entity’ to replace property damaged or destroyed by a declared state or local emergency. The bill defines ‘qualified taxpayer’ and outlines requirements for documentation from the settlement entity to the Franchise Tax Board. The provision would expire on December 1, 2030.
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