SB195

California SB195 excludes wildfire loss mitigation payments from gross income for qualified taxpayers.

California SB195 amends the Revenue and Taxation Code to exclude certain wildfire loss mitigation payments from gross income for qualified taxpayers. This applies to payments received between January 1, 2024, and January 1, 2031. A qualified taxpayer is defined as someone who owns the structure for which a California qualified wildfire loss mitigation payment was received. The bill also mandates reporting requirements and data collection by the Office of Emergency Services and the joint powers authority. The provisions of this bill are set to expire on December 1, 2031.