California SB195 excludes wildfire loss mitigation payments from gross income for qualified taxpayers.

California SB195 amends the Revenue and Taxation Code to exclude certain wildfire loss mitigation payments from gross income for qualified taxpayers. This exclusion applies to payments received through the California Wildfire Mitigation Financial Assistance Program or a wildfire mitigation grant program. The exclusion is effective for taxable years beginning on or after January 1, 2024, and before January 1, 2029. The bill also requires the Office of Emergency Services to report on the aggregate amount of funds distributed and the number of individuals who accepted funds from the program.

California SB195 excludes wildfire loss mitigation payments from gross income for qualified taxpayers.

California SB195 amends the Revenue and Taxation Code to exclude certain wildfire loss mitigation payments from gross income for qualified taxpayers. This exclusion applies to payments received through the California Wildfire Mitigation Financial Assistance Program or a wildfire mitigation grant program. The exclusion is effective for taxable years beginning on or after January 1, 2024, and before January 1, 2029. The bill also requires the Office of Emergency Services to report on the aggregate amount of funds distributed and the number of individuals who accepted funds from the program.