Personal Income Tax Law: Corporation Tax Law: exemptions: wildfire.

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

Personal Income Tax Law: Corporation Tax Law: exemptions: wildfire.

SB 159, Committee on Budget and Fiscal Review.

What This Bill Does

• SB 159, Committee on Budget and Fiscal Review.
• Personal Income Tax Law: Corporation Tax Law: exemptions: wildfire.
• Existing law establishes, in the Government Operations Agency, the Franchise Tax Board consisting of the Controller, the Director of Finance, and the Chairperson of the State Board of Equalization.
• Existing law prescribes various powers and duties to the Franchise Tax Board, including, among other things, the administration of state personal income taxes and corporation franchise and income taxes.

Limits and Unknowns

• This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Official Summary Text

SB 159, Committee on Budget and Fiscal Review.
Personal Income Tax Law: Corporation Tax Law: exemptions: wildfire.
Existing law establishes, in the Government Operations Agency, the Franchise Tax Board consisting of the Controller, the Director of Finance, and the Chairperson of the State Board of Equalization. Existing law prescribes various powers and duties to the Franchise Tax Board, including, among other things, the administration of state personal income taxes and corporation franchise and income taxes.
The Personal Income Tax Law, in conformity with federal income tax laws, defines “gross income” as income from whatever source derived, except as specifically excluded, and provides various exclusions from income, including, for taxable years beginning on or after January 1, 2021, and before January 1, 2030, an exclusion from income for any qualified taxpayer, as
defined, for amounts received in settlement in connection with a wildfire in the state, as provided.
This bill would amend the definitions provided in that exclusion from tax and would limit the exclusion to qualified amounts made in connection with a qualified wildfire disaster, as defined.
This bill would also appropriate $10,000 from the General Fund to the Franchise Tax Board to administer qualified wildfire disaster settlements, as specified.
This bill would include a change in state statute that would result in a taxpayer paying a higher tax within the meaning of Section 3 of Article XIII A of the California Constitution, and thus would require for passage the approval of
2
/
3
of the membership of each house of the Legislature.
This bill would declare that it is to take effect immediately as a bill providing for appropriations related to the Budget Bill.

Current Bill Text

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