SB 343: Income taxes: gross income exclusions: Kast Property Tank Farm facility cleanup.

(1)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.

This bill would provide an exclusion from gross income for any qualified amount, as defined, received by a qualified taxpayer, which means a person that currently owns or previously owned real property within the Carousel Housing Tract in Carson, California or that resides or previously resided within that tract for amounts received for costs associated with temporary accommodations and from a settlement, as provided.

(2)This bill would apply its provisions to taxable years beginning before, on, and after the effective date of this bill. The bill would make legislative findings and declarations regarding the public purpose served by this bill.

This bill would declare that it is to take effect immediately as an urgency statute.