AB 159
Personal Income Tax Law: Corporation Tax Law: exemptions: wildfire.
Vote required
Two Thirds
Fiscal committee
No
Appropriation
No
Current location
In Floor Process
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Sign in to take action- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill modifies California’s tax laws to provide an exemption for certain payments received by taxpayers who suffered losses due to wildfires. Specifically, it extends and clarifies the existing exclusion from income for ‘qualified amounts’ received in settlement related to qualified wildfire disasters, limiting eligibility to property owners, business owners, and residents within affected areas. The bill also appropriates $10,000 to the Franchise Tax Board to assist with administering these wildfire settlement payments.
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Primary sponsors
Committee on Budget
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