Bill Sponsor
California Senate Bill 946
Session 20232024
Personal Income Tax Law: Corporation Tax Law: exclusions: wildfire mitigation payments.
Became Law
Became Law
Became Law on Sep 29, 2024
First Action
Jan 18, 2024
Latest Action
Sep 29, 2024
Origin Chamber
Senate
Type
Bill
Bill Number
946
State
California
Session
20232024
Sponsorship by Party
Democrat
Author
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, 2024, and before January 1, 2029, provide an exclusion from gross income for amounts received by a qualified taxpayer, as defined, as a California qualified wildfire loss mitigation payment, as defined. Existing law requires a bill authorizing a new tax expenditure to contain, among other things, specific goals 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 authorize the Franchise Tax Board to provide specified data requested by the joint powers authority, as defined, and would make taxpayer information received by the joint powers authority subject to limitations on the collection and use of that information. By expanding the scope of a crime, this bill would impose a state-mandated local program. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason. This bill would take effect immediately as a tax levy.
Documents (8)
Sources
Record Created
Jan 19, 2024 12:17:00 PM
Record Updated
Oct 10, 2024 12:31:01 PM