California Assembly Bill AB2323 Amended / Bill

 BILL NUMBER: AB 2323AMENDED BILL TEXT AMENDED IN ASSEMBLY MAY 15, 2014 AMENDED IN ASSEMBLY MARCH 27, 2014 AMENDED IN ASSEMBLY MARCH 20, 2014 INTRODUCED BY Assembly Member Gorell  (   Coauthors:   Assembly Members   Bigelow,   Dahle,   Donnelly,   and Hagman   )   (   Coauthors:   Senators   Cannella   and Huff   )  FEBRUARY 21, 2014 An act to add  and repeal  Section 17132.10  to   of  the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy. LEGISLATIVE COUNSEL'S DIGEST AB 2323, as amended, Gorell. Personal Income Tax Law: gross income exclusion: Olympic and Paralympic games. The Personal Income Tax Law provides for various exclusions from gross income. This bill would  , for taxable years beginning on or after January 1, 2014, and on or before December 31, 2021,  also exclude from gross income the value of any  prize or award given to a taxpayer by   medal given by the International Olympic Committee, and any prize money or honoraria received from  the United States Olympic Committee  ,  on account of either the Olympic games or the Paralympic games. This bill would take effect immediately as a tax levy. Vote: majority. Appropriation: no. Fiscal committee: yes. State-mandated local program: no. THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS: SECTION 1. Section 17132.10 is added to the Revenue and Taxation Code, to read: 17132.10. (a)  Gross   For taxable years beginning on or after January 1, 2014, and on or before December 31, 2021, gross  income shall not include the value of any  award given by, or   medal given by the International Olympic Committee, and  any prize money  or honoraria  received  from,   from  the United States Olympic Committee  ,  on account of the Olympic games or the Paralympic games. (b) The section shall apply to  awards and prize money   medals, prize money, and honoraria  received on or after January 1, 2014.  (c) This section shall remain in effect only until January 1, 2022, and as of that date is repealed, unless a later enacted statute, that is enacted before January 1, 2022, deletes or extends that date.  SEC. 2. This act provides for a tax levy within the meaning of Article IV of the Constitution and shall go into immediate effect.