SB573 excludes guaranteed income pilot program payments from California personal income tax.

SB573 amends the Revenue and Taxation Code to exclude payments from guaranteed income pilot programs from gross income for personal income tax purposes. This exclusion aims to provide financial relief to vulnerable Californians. The exclusion becomes inoperative on July 1, 2026, and is repealed as of January 1, 2027. The bill also includes definitions for terms such as "compensation ratio," "annual full-time equivalent," and "full-time employee.

SB573 excludes guaranteed income pilot program payments from California personal income tax.

SB573 amends the Revenue and Taxation Code to exclude payments from guaranteed income pilot programs from gross income for personal income tax purposes. This exclusion aims to provide financial relief to vulnerable Californians. The exclusion becomes inoperative on July 1, 2026, and is repealed as of January 1, 2027. The bill also includes definitions for terms such as "compensation ratio," "annual full-time equivalent," and "full-time employee.