California AB755 exempts up to $300,000 of income for disaster victims from state income tax for two years.

California AB755 provides a temporary tax exclusion for qualified income of up to $300,000 for taxpayers affected by disasters. This exclusion applies for taxable years beginning on or after January 1, 2025, and before January 1, 2035. Qualified taxpayers include those who own property or reside in disaster-affected areas, or have a business in such areas. The exclusion lasts for the year of the disaster and the following year. The bill defines "disaster" according to Section 8680.3 of the Government Code and "qualified income" as taxable income earned by the taxpayer.

California AB755 exempts up to $300,000 of income for disaster victims from state income tax for two years.

California AB755 provides a temporary tax exclusion for qualified income of up to $300,000 for taxpayers affected by disasters. This exclusion applies for taxable years beginning on or after January 1, 2025, and before January 1, 2035. Qualified taxpayers include those who own property or reside in disaster-affected areas, or have a business in such areas. The exclusion lasts for the year of the disaster and the following year. The bill defines "disaster" according to Section 8680.3 of the Government Code and "qualified income" as taxable income earned by the taxpayer.