AB 429
Personal Income Tax Law: Corporation Tax Law: exclusions: wildfires.
Vote required
Two Thirds
Fiscal committee
No
Appropriation
No
Current location
Revenue and Taxation
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Sign in to take action- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill creates a tax exclusion for California residents and businesses who suffered losses due to specific wildfires – the 2021 Dixie Fire, the 2022 Mill Fire, and the 2024 Park Fire. It allows qualified taxpayers to exclude settlement amounts received from companies involved in those fires from their taxable income. The bill also includes provisions for tracking the impact of this exclusion and reporting on its effectiveness to the legislature.
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