AB 760: Income taxes: exclusions: 2026 Garden Grove chemical leak.

The Personal Income Tax Law and the Corporation Tax Law, in conformity with federal income tax law, generally define gross income as income from whatever source derived, except as specifically excluded, and provide various exclusions from gross income.

This bill would, for taxable years beginning on or after January 1, 2027, and before January 1, 2032, provide an exclusion from gross income for any qualified taxpayer, as defined, for amounts received for costs and losses associated with the 2026 Garden Grove chemical leak, as provided.

Existing law requires any bill authorizing a new tax expenditure to contain, among other things, specific 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.