Bill Sponsor
California Senate Bill 542
Session 20232024
Personal Income Tax Law: Corporation Tax Law: wildfires: exclusions.
Active
Active
Vetoed by Governor on Sep 29, 2024
Sponsor
Unknown
Dahle
First Action
Feb 15, 2023
Latest Action
Sep 29, 2024
Origin Chamber
Senate
Type
Bill
Bill Number
542
State
California
Session
20232024
Sponsorship by Party
Unknown
Dahle
Author
Republican
Coauthor
Summary
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 in settlement for costs and losses associated with the 2021 Dixie Fire in the Counties of Butte, Plumas, Lassen, Shasta, and Tehama, or the 2022 Mill Fire in the County of Siskiyou, 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. 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.
Documents (9)
Sources
Record Created
Feb 16, 2023 7:03:36 AM
Record Updated
Oct 11, 2024 12:29:51 PM