California AB376 would exclude wildfire insurance proceeds from gross income for certain taxpayers.

California AB376 would amend the Revenue and Taxation Code to exclude certain wildfire insurance proceeds from gross income for qualified taxpayers. A qualified taxpayer is defined as someone who resided in a fire-impacted area when the Governor declared a state of emergency, and who paid or incurred expenses and received insurance proceeds related to the fire. The exclusion applies to taxable years beginning on or after January 1, 2023, and before January 1, 2028.

California AB376 would exclude wildfire insurance proceeds from gross income for certain taxpayers.

California AB376 would amend the Revenue and Taxation Code to exclude certain wildfire insurance proceeds from gross income for qualified taxpayers. A qualified taxpayer is defined as someone who resided in a fire-impacted area when the Governor declared a state of emergency, and who paid or incurred expenses and received insurance proceeds related to the fire. The exclusion applies to taxable years beginning on or after January 1, 2023, and before January 1, 2028.