SB 911: Income taxation: exclusion: military survivor benefits.

The Personal Income Tax Law, in modified conformity with federal law, generally defines gross income as income from whatever source derived, except as specifically excluded, and provides various exclusions from gross income for purposes of computing tax liability. Existing law requires any bill authorizing a new tax expenditure to contain, among other things, specific goals, purposes, and objectives that the tax expenditure will achieve, detailed performance indicators, and data collection requirements.

This bill, for taxable years beginning on or after January 1, 2025, and before January 1, 2035, would provide an exclusion from gross income for survivor benefits or payments, not to exceed $20,000 per taxable year, received during the taxable year under the federal Survivor Benefit Plan.

Existing law requires any bill authorizing a new tax expenditure to contain, among other things, specific goals, purposes, and objectives goals that 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 take effect immediately as a tax levy.