AB 294: Personal Income Tax Law: Corporation Tax Law: wildfires: exclusions.
- Session Year: 2023-2024
- House: Assembly
- Latest Version Date: 2023-04-12
Current Status:
Failed
(2024-02-01: From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.)
Introduced
First Committee Review
First Chamber
Second Committee Review
Second Chamber
Enacted
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, for taxable years beginning on or after January 1, 2022, and before January 1, 2027, provide an exclusion from gross income for any qualified taxpayer, as defined, for amounts received for costs and losses associated with wildfires or natural disaster, wildfires, as provided.
Existing law requires a bill authorizing a new tax expenditure to contain, among other things, specific goals, purposes, and objectives the tax expenditure will achieve, detailed performance indicators, and data collection requirements.
This bill would include additional information required for any bill authorizing a new tax expenditure.
This bill would make findings and declarations related to a gift of public funds.
Discussed in Hearing
5MIN