California AB97 provides tax relief for those affected by the 2020 Bobcat Fire.

California AB97 amends the Revenue and Taxation Code to exclude certain settlement amounts from gross income for qualified taxpayers affected by the 2020 Bobcat Fire. Qualified taxpayers include those who owned property, resided, or had a business in Los Angeles County during the fire. The exclusion applies to settlement amounts received from Southern California Edison or its subsidiary. The exclusion is effective for taxable years beginning on or after January 1, 2024, and before January 1, 2029.

California AB97 provides tax relief for those affected by the 2020 Bobcat Fire.

California AB97 amends the Revenue and Taxation Code to exclude certain settlement amounts from gross income for qualified taxpayers affected by the 2020 Bobcat Fire. Qualified taxpayers include those who owned property, resided, or had a business in Los Angeles County during the fire. The exclusion applies to settlement amounts received from Southern California Edison or its subsidiary. The exclusion is effective for taxable years beginning on or after January 1, 2024, and before January 1, 2029.