California AB195 excludes wildfire loss mitigation payments from gross income for qualified taxpayers.

California AB195 amends the Revenue and Taxation Code to exclude certain wildfire loss mitigation payments from gross income for qualified taxpayers. This applies to payments received from the California Wildfire Mitigation Financial Assistance Program or a wildfire mitigation grant program. The exclusion is effective for taxable years beginning on or after January 1, 2024, and before January 1, 2029, 2031. The bill also mandates a report to the Legislature detailing the aggregate amount of funds distributed and the number of eligible taxpayers by December 1, 2031.

California AB195 excludes wildfire loss mitigation payments from gross income for qualified taxpayers.

California AB195 amends the Revenue and Taxation Code to exclude certain wildfire loss mitigation payments from gross income for qualified taxpayers. This applies to payments received from the California Wildfire Mitigation Financial Assistance Program or a wildfire mitigation grant program. The exclusion is effective for taxable years beginning on or after January 1, 2024, and before January 1, 2029, 2031. The bill also mandates a report to the Legislature detailing the aggregate amount of funds distributed and the number of eligible taxpayers by December 1, 2031.