California AB760 excludes settlement payments from taxable income for those affected by the 2026 Garden Grove chemical leak.

California AB760 amends the Revenue and Taxation Code to exclude settlement payments from taxable income for those affected by the 2026 Garden Grove chemical leak. This exclusion applies to qualified taxpayers who owned property or had a business in Orange County during the leak. The exclusion is effective for taxable years beginning on or after January 1, 2027, and before January 1, 2032. The bill also mandates a report from the Franchise Tax Board by November 1, 2029, detailing the aggregate settlement payments. The tax exclusion remains in effect until December 1, 2032.

California AB760 excludes settlement payments from taxable income for those affected by the 2026 Garden Grove chemical leak.

California AB760 amends the Revenue and Taxation Code to exclude settlement payments from taxable income for those affected by the 2026 Garden Grove chemical leak. This exclusion applies to qualified taxpayers who owned property or had a business in Orange County during the leak. The exclusion is effective for taxable years beginning on or after January 1, 2027, and before January 1, 2032. The bill also mandates a report from the Franchise Tax Board by November 1, 2029, detailing the aggregate settlement payments. The tax exclusion remains in effect until December 1, 2032.