Bill Sponsor
California Assembly Bill 1249
Session 20212022
Income taxes: gross income exclusions: wildfires.
Became Law
Became Law
Became Law on Sep 29, 2022
First Action
Feb 19, 2021
Latest Action
Sep 29, 2022
Origin Chamber
Assembly
Type
Bill
Bill Number
1249
State
California
Session
20212022
Sponsorship by Party
Republican
Author
Democrat
Coauthor
Unknown
Dahle
Coauthor
Republican
Principal Coauthor
Democrat
Coauthor
Democrat
Coauthor
Republican
Coauthor
Democrat
Coauthor
Assembly Votes (4)
Senate Votes (4)
Motion Text
AB 1249 Gallagher Concurrence in Senate Amendments
Summary
(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. Until January 1, 2028, this bill would provide an exclusion from gross income for any qualified taxpayer, as defined, for amounts received for costs and losses associated with one or more specified fires from a settlement, as provided. (2) Existing law establishes the continuously appropriated Tax Relief and Refund Account and provides that payments required to be made to taxpayers or other persons from the Personal Income Tax Fund are to be paid from that account. This bill would authorize the refund of overpayments of tax as a result of the above-described exclusion, in prior tax years, payable out of the Tax Relief and Refund Account. By authorizing new payments from a continuously appropriated fund, this bill would make an appropriation. (3) Existing law requires that any bill introduced on or after January 1, 2020, that would authorize certain tax expenditures, as defined, or tax exemptions contain, among other things, specific goals, purposes, and objectives that the tax expenditure or exemption will achieve, detailed performance indicators, and data collection requirements. This bill would include additional information required for any bill authorizing a new tax expenditure. (4) 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. (5) This bill would declare that it is to take effect immediately as an urgency statute.
Documents (8)
Sources
Record Created
Feb 20, 2021 6:03:26 AM
Record Updated
Oct 4, 2022 12:28:36 PM