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 Bill Text - AB-429 Personal Income Tax Law: Corporation Tax Law: exclusions: wildfires.

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 |Add To My Favorites |Track Bill | Version: 05/08/25 - Amended Assembly
 02/05/25 - Introduced

 AB-429 Personal Income Tax Law: Corporation Tax Law: exclusions: wildfires.(2025-2026)

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 Date Published: 05/08/2025 09:00 PM

AB429:v98#DOCUMENTBill Start

 Amended
 IN 
 Assembly
 May 08, 2025

 CALIFORNIA LEGISLATURE—
 2025–2026 REGULAR SESSION

 Assembly Bill

No. 429

Introduced by Assembly Member Hadwick
(Coauthor: Assembly Member Lackey)
(Coauthor: Senator Dahle)

February 05, 2025

An act to add and repeal Sections 17139.4 and 24309.8 17139.8 and 24309.9 of the Revenue and Taxation Code, relating to taxation, and declaring the urgency thereof, to take effect immediately.

LEGISLATIVE COUNSEL'S DIGEST

AB 429, as amended, Hadwick.
 Personal Income Tax Law: Corporation Tax Law: exclusions: wildfires.

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, for taxable years beginning on or after January 1, 2022, and before January 1, 2027, would provide an exclusion from gross income for amounts received by a qualified taxpayer, as defined, 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, or the 2024 Park Fire in the Counties of Butte and Tehama,
 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 related to a gift of public funds. 

This bill would declare that it is to take effect immediately as an urgency statute.

Digest Key

 Vote:
 2/3 
 Appropriation:
 NO 
 Fiscal Committee:
 YES 
 Local Program:
 NO 

Bill Text

The people of the State of California do enact as follows:

SECTION 1.Section 17139.4 is added to the Revenue and Taxation Code, to read:

17139.4.SECTION 1.

 Section 17139.8 is added to the Revenue and Taxation Code, to read:

17139.8.

 (a) For taxable years beginning on or after January 1, 2022, and before January 1, 2027, gross income does not include any qualified amount received by a qualified taxpayer.

(b) For purposes of this section:

(1) “Qualified amount” means any amount received in settlement by a qualified taxpayer from a settlement entity in connection with any of the following:

(A) The 2021 Dixie Fire.

(B) The 2022 Mill Fire.

(C)The 2024 Park
 Fire.

(2) “Qualified taxpayer” means any of the following:

(A) In relation to the 2021 Dixie Fire, the following: 

(i) Any taxpayer that owned real property located in the County of Butte, Plumas, Lassen, Shasta, or Tehama during the 2021 Dixie Fire that paid or incurred expenses and received amounts from a settlement arising out of or pursuant to the 2021 Dixie Fire.

(ii) Any taxpayer that resided within the County of Butte, Plumas, Lassen, Shasta, or Tehama during the 2021 Dixie Fire that paid or incurred expenses and received amounts
 from a settlement arising out of or pursuant to the 2021 Dixie Fire.

(iii) Any taxpayer that had a place of business within the County of Butte, Plumas, Lassen, Shasta, or Tehama during the 2021 Dixie Fire that paid or incurred expenses and received amounts from a settlement arising out of or pursuant to the 2021 Dixie Fire.

(B) In relation to the 2022 Mill Fire, the following:

(i) Any taxpayer that owned real property located in the County of Siskiyou during the 2022 Mill Fire that paid or incurred expenses and received amounts from a settlement arising out of or pursuant to the 2022 Mill Fire.

(ii) Any taxpayer that resided within the County of Siskiyou during the 2022 Mill Fire that paid or incurred expenses and received amounts from a settlement arising out of or pursuant to the 2022 Mill Fire.

(iii) Any taxpayer that had a place of business within the County of Siskiyou during the 2022 Mill Fire that paid or incurred expenses and