California SB159 exempts certain wildfire disaster settlement payments from gross income for qualified taxpayers.

California SB159 amends the Revenue and Taxation Code to exclude from gross income any settlement payments received by qualified taxpayers in connection with a qualified wildfire disaster. A qualified taxpayer is defined as someone who owns real property, resides, or has a place of business in an area damaged by a wildfire disaster. The bill also appropriates $10,000 from the General Fund to the Franchise Tax Board to administer these settlements. This provision is effective for taxable years beginning after January 1, 2021, and before January 1, 2030.

California SB159 exempts certain wildfire disaster settlement payments from gross income for qualified taxpayers.

California SB159 amends the Revenue and Taxation Code to exclude from gross income any settlement payments received by qualified taxpayers in connection with a qualified wildfire disaster. A qualified taxpayer is defined as someone who owns real property, resides, or has a place of business in an area damaged by a wildfire disaster. The bill also appropriates $10,000 from the General Fund to the Franchise Tax Board to administer these settlements. This provision is effective for taxable years beginning after January 1, 2021, and before January 1, 2030.