California AB429 excludes settlement amounts from gross income for taxpayers affected by the 2021 Dixie, 2022 Mill, and 2024 Park Fires.

California AB429 amends the Revenue and Taxation Code to exclude certain settlement amounts from gross income for taxpayers affected by the 2021 Dixie, 2022 Mill, and 2024 Park Fires. Specifically, 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 from a settlement entity in connection with these fires. Qualified taxpayers include those who owned real property or resided in affected counties during the fires and incurred expenses or received settlement amounts.

California AB429 excludes settlement amounts from gross income for taxpayers affected by the 2021 Dixie, 2022 Mill, and 2024 Park Fires.

California AB429 amends the Revenue and Taxation Code to exclude certain settlement amounts from gross income for taxpayers affected by the 2021 Dixie, 2022 Mill, and 2024 Park Fires. Specifically, 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 from a settlement entity in connection with these fires. Qualified taxpayers include those who owned real property or resided in affected counties during the fires and incurred expenses or received settlement amounts.