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California Assembly Bill AB294

California 2023-2024 Regular Session

California Assembly Bill AB294 Compare Versions

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1-Amended IN Assembly April 12, 2023 CALIFORNIA LEGISLATURE 20232024 REGULAR SESSION Assembly Bill No. 294Introduced by Assembly Member Petrie-NorrisJanuary 25, 2023An act to add and repeal Sections 17139 and 24309.4 to of the Revenue and Taxation Code, relating to taxation. LEGISLATIVE COUNSEL'S DIGESTAB 294, as amended, Petrie-Norris. Personal Income Tax Law: Corporation Tax Law: wildfires: exclusions.The Personal Income Tax Law and the Corporation Tax Law, in conformity with federal income tax law, generally defines gross income as income from whatever source derived, except as specifically excluded, and provides various exclusions from gross income.This bill would, for taxable years beginning on or after January 1, 2022, and before January 1, 2027, provide an exclusion from gross income for any qualified taxpayer, as defined, for amounts received for costs and losses associated with wildfires or natural disaster, wildfires, as provided.Existing law requires a bill authorizing a new tax expenditure to contain, among other things, specific goals, purposes, and objectives the tax expenditure will achieve, detailed performance indicators, and data collection requirements.This bill would include additional information required for any bill authorizing a new tax expenditure.This bill would make findings and declarations related to a gift of public funds. Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. Section 17139 is added to the Revenue and Taxation Code, to read:17139. (a) For taxable years beginning on or after January 1, 2022, and before January 1, 2027, gross income does not include any qualified amount received by a qualified taxpayer.(b) For purposes of this section:(1) Qualified amount means any amount received in settlement by a qualified taxpayer to replace property damaged or destroyed by fire or natural disaster. wildfire if the property damaged or destroyed is located in an area of California damaged by the wildfire.(2) Qualified taxpayer means any of the following:(A) Any taxpayer that owns real property located in an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster. who paid or incurred expenses, and received amounts from a settlement, arising out of or pursuant to the wildfire.(B) Any taxpayer that resides within an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster. who paid or incurred expenses, and received amounts from a settlement, arising out of or pursuant to the wildfire.(C) Any taxpayer that has a place of business within an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster. who paid or incurred expenses, and received amounts from a settlement, arising out of or pursuant to the wildfire.(3) Settlement entity means the entity entity, approved by a class action settlement administrator, making the settlement payment to a qualified taxpayer.(c) The settlement entity shall provide, upon request by the Franchise Tax Board, Board or qualified taxpayer, documentation of the settlement payments in the form and manner requested by the Franchise Tax Board. Board or the qualified taxpayer who may provide the documentation to the Franchise Tax Board upon request.(d) (1) For the purpose of complying with Section 41, as it relates to the exclusion provided by this section and Section 24309.4, the Legislature finds and declares that the purpose of the exclusion is to provide essential relief to individuals who have suffered injury, loss, inconvenience, and expenses resulting from devastating wildfires and other natural disasters.(2) (A) By November 1, 2027, the Franchise Tax Board shall deliver to the Legislature a written report, in accordance with Section 9795 of the Government Code, that includes both of the following:(i) The number of qualified taxpayers that excluded qualified amounts from gross income, as those terms are used in this act, as a result of the tax expenditure allowed by this act.(ii) The aggregate amount of those settlement payments arising out of the wildfires and natural disasters.(B) The disclosure provisions of this paragraph shall be treated as an exception to Section 19542.(e) This section shall remain in effect only until December 1, 2027, and as of that date is repealed.SEC. 2. Section 24309.4 is added to the Revenue and Taxation Code, to read:24309.4. (a) For taxable years beginning on or after January 1, 2022, and before January 1, 2027, gross income does not include any qualified amount received by a qualified taxpayer.(b) For purposes of this section:(1) Qualified amount means any amount received in settlement by a qualified taxpayer to replace property damaged or destroyed by fire or natural disaster. wildfire if the property damaged or destroyed is located in an area of California damaged by the wildfire.(2) Qualified taxpayer means either of the following:(A) Any taxpayer that owns real property located in an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster. who paid or incurred expenses, and received amounts from a settlement, arising out of or pursuant to the wildfire.(B) Any taxpayer that has a place of business within an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster. who paid or incurred expenses, and received amounts from a settlement, arising out of or pursuant to the wildfire.(3) Settlement entity means the entity entity, approved by a class action settlement administrator, making the settlement payment to a qualified taxpayer.(c) The settlement entity shall provide, upon request by the Franchise Tax Board, Board or qualified taxpayer, documentation of the settlement payments in the form and manner requested by the Franchise Tax Board. Board or the qualified taxpayer who may provide the documentation to the Franchise Tax Board upon request.(d) This section shall remain in effect only until December 1, 2027, and as of that date is repealed.SEC. 3. The Legislature hereby finds and declares that the exclusions authorized by Sections 17139 and 24309.4 of the Revenue and Taxation Code, as added by this act, serve the public purpose of preventing undue hardship to taxpayers who reside, or used to reside, in parts of California devastated by recent wildfires, and do not constitute a gift of public funds within the meaning of Section 6 of Article XVI of the California Constitution.
1+CALIFORNIA LEGISLATURE 20232024 REGULAR SESSION Assembly Bill No. 294Introduced by Assembly Member Petrie-NorrisJanuary 25, 2023 An act to add Sections 17139 and 24309.4 to the Revenue and Taxation Code, relating to taxation. LEGISLATIVE COUNSEL'S DIGESTAB 294, as introduced, Petrie-Norris. Personal Income Tax Law: Corporation Tax Law: wildfires: exclusions.The Personal Income Tax Law and the Corporation Tax Law, in conformity with federal income tax law, generally defines gross income as income from whatever source derived, except as specifically excluded, and provides various exclusions from gross income.This bill would, for taxable years beginning on or after January 1, 2022, provide an exclusion from gross income for any qualified taxpayer, as defined, for amounts received for costs and losses associated with wildfires or natural disaster, as provided.This bill would make findings and declarations related to a gift of public funds. Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. Section 17139 is added to the Revenue and Taxation Code, to read:17139. (a) For taxable years beginning on or after January 1, 2022, gross income does not include any qualified amount received by a qualified taxpayer.(b) For purposes of this section:(1) Qualified amount means any amount received in settlement by a qualified taxpayer to replace property damaged or destroyed by fire or natural disaster.(2) Qualified taxpayer means any of the following:(A) Any taxpayer that owns real property located in an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster.(B) Any taxpayer that resides within an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster.(C) Any taxpayer that has a place of business within an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster.(3) Settlement entity means the entity making the settlement payment to a qualified taxpayer.(c) The settlement entity shall provide, upon request by the Franchise Tax Board, documentation of the settlement payments in the form and manner requested by the Franchise Tax Board.SEC. 2. Section 24309.4 is added to the Revenue and Taxation Code, to read:24309.4. (a) For taxable years beginning on or after January 1, 2022, gross income does not include any qualified amount received by a qualified taxpayer.(b) For purposes of this section:(1) Qualified amount means any amount received in settlement by a qualified taxpayer to replace property damaged or destroyed by fire or natural disaster.(2) Qualified taxpayer means either of the following:(A) Any taxpayer that owns real property located in an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster.(B) Any taxpayer that has a place of business within an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster.(3) Settlement entity means the entity making the settlement payment to a qualified taxpayer.(c) The settlement entity shall provide, upon request by the Franchise Tax Board, documentation of the settlement payments in the form and manner requested by the Franchise Tax Board.SEC. 3. The Legislature hereby finds and declares that the exclusions authorized by Sections 17139 and 24309.4 of the Revenue and Taxation Code, as added by this act, serve the public purpose of preventing undue hardship to taxpayers who reside, or used to reside, in parts of California devastated by recent wildfires, and do not constitute a gift of public funds within the meaning of Section 6 of Article XVI of the California Constitution.
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3- Amended IN Assembly April 12, 2023 CALIFORNIA LEGISLATURE 20232024 REGULAR SESSION Assembly Bill No. 294Introduced by Assembly Member Petrie-NorrisJanuary 25, 2023An act to add and repeal Sections 17139 and 24309.4 to of the Revenue and Taxation Code, relating to taxation. LEGISLATIVE COUNSEL'S DIGESTAB 294, as amended, Petrie-Norris. Personal Income Tax Law: Corporation Tax Law: wildfires: exclusions.The Personal Income Tax Law and the Corporation Tax Law, in conformity with federal income tax law, generally defines gross income as income from whatever source derived, except as specifically excluded, and provides various exclusions from gross income.This bill would, for taxable years beginning on or after January 1, 2022, and before January 1, 2027, provide an exclusion from gross income for any qualified taxpayer, as defined, for amounts received for costs and losses associated with wildfires or natural disaster, wildfires, as provided.Existing law requires a bill authorizing a new tax expenditure to contain, among other things, specific goals, purposes, and objectives the tax expenditure will achieve, detailed performance indicators, and data collection requirements.This bill would include additional information required for any bill authorizing a new tax expenditure.This bill would make findings and declarations related to a gift of public funds. Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO
3+ CALIFORNIA LEGISLATURE 20232024 REGULAR SESSION Assembly Bill No. 294Introduced by Assembly Member Petrie-NorrisJanuary 25, 2023 An act to add Sections 17139 and 24309.4 to the Revenue and Taxation Code, relating to taxation. LEGISLATIVE COUNSEL'S DIGESTAB 294, as introduced, Petrie-Norris. Personal Income Tax Law: Corporation Tax Law: wildfires: exclusions.The Personal Income Tax Law and the Corporation Tax Law, in conformity with federal income tax law, generally defines gross income as income from whatever source derived, except as specifically excluded, and provides various exclusions from gross income.This bill would, for taxable years beginning on or after January 1, 2022, provide an exclusion from gross income for any qualified taxpayer, as defined, for amounts received for costs and losses associated with wildfires or natural disaster, as provided.This bill would make findings and declarations related to a gift of public funds. Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO
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5- Amended IN Assembly April 12, 2023
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7-Amended IN Assembly April 12, 2023
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99 CALIFORNIA LEGISLATURE 20232024 REGULAR SESSION
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1111 Assembly Bill
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1313 No. 294
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1515 Introduced by Assembly Member Petrie-NorrisJanuary 25, 2023
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1717 Introduced by Assembly Member Petrie-Norris
1818 January 25, 2023
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20-An act to add and repeal Sections 17139 and 24309.4 to of the Revenue and Taxation Code, relating to taxation.
20+ An act to add Sections 17139 and 24309.4 to the Revenue and Taxation Code, relating to taxation.
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2222 LEGISLATIVE COUNSEL'S DIGEST
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2424 ## LEGISLATIVE COUNSEL'S DIGEST
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26-AB 294, as amended, Petrie-Norris. Personal Income Tax Law: Corporation Tax Law: wildfires: exclusions.
26+AB 294, as introduced, Petrie-Norris. Personal Income Tax Law: Corporation Tax Law: wildfires: exclusions.
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28-The Personal Income Tax Law and the Corporation Tax Law, in conformity with federal income tax law, generally defines gross income as income from whatever source derived, except as specifically excluded, and provides various exclusions from gross income.This bill would, for taxable years beginning on or after January 1, 2022, and before January 1, 2027, provide an exclusion from gross income for any qualified taxpayer, as defined, for amounts received for costs and losses associated with wildfires or natural disaster, wildfires, as provided.Existing law requires a bill authorizing a new tax expenditure to contain, among other things, specific goals, purposes, and objectives the tax expenditure will achieve, detailed performance indicators, and data collection requirements.This bill would include additional information required for any bill authorizing a new tax expenditure.This bill would make findings and declarations related to a gift of public funds.
28+The Personal Income Tax Law and the Corporation Tax Law, in conformity with federal income tax law, generally defines gross income as income from whatever source derived, except as specifically excluded, and provides various exclusions from gross income.This bill would, for taxable years beginning on or after January 1, 2022, provide an exclusion from gross income for any qualified taxpayer, as defined, for amounts received for costs and losses associated with wildfires or natural disaster, as provided.This bill would make findings and declarations related to a gift of public funds.
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3030 The Personal Income Tax Law and the Corporation Tax Law, in conformity with federal income tax law, generally defines gross income as income from whatever source derived, except as specifically excluded, and provides various exclusions from gross income.
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32-This bill would, for taxable years beginning on or after January 1, 2022, and before January 1, 2027, provide an exclusion from gross income for any qualified taxpayer, as defined, for amounts received for costs and losses associated with wildfires or natural disaster, wildfires, as provided.
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34-Existing law requires a bill authorizing a new tax expenditure to contain, among other things, specific goals, purposes, and objectives the tax expenditure will achieve, detailed performance indicators, and data collection requirements.
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36-This bill would include additional information required for any bill authorizing a new tax expenditure.
32+This bill would, for taxable years beginning on or after January 1, 2022, provide an exclusion from gross income for any qualified taxpayer, as defined, for amounts received for costs and losses associated with wildfires or natural disaster, as provided.
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3834 This bill would make findings and declarations related to a gift of public funds.
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4036 ## Digest Key
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4238 ## Bill Text
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44-The people of the State of California do enact as follows:SECTION 1. Section 17139 is added to the Revenue and Taxation Code, to read:17139. (a) For taxable years beginning on or after January 1, 2022, and before January 1, 2027, gross income does not include any qualified amount received by a qualified taxpayer.(b) For purposes of this section:(1) Qualified amount means any amount received in settlement by a qualified taxpayer to replace property damaged or destroyed by fire or natural disaster. wildfire if the property damaged or destroyed is located in an area of California damaged by the wildfire.(2) Qualified taxpayer means any of the following:(A) Any taxpayer that owns real property located in an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster. who paid or incurred expenses, and received amounts from a settlement, arising out of or pursuant to the wildfire.(B) Any taxpayer that resides within an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster. who paid or incurred expenses, and received amounts from a settlement, arising out of or pursuant to the wildfire.(C) Any taxpayer that has a place of business within an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster. who paid or incurred expenses, and received amounts from a settlement, arising out of or pursuant to the wildfire.(3) Settlement entity means the entity entity, approved by a class action settlement administrator, making the settlement payment to a qualified taxpayer.(c) The settlement entity shall provide, upon request by the Franchise Tax Board, Board or qualified taxpayer, documentation of the settlement payments in the form and manner requested by the Franchise Tax Board. Board or the qualified taxpayer who may provide the documentation to the Franchise Tax Board upon request.(d) (1) For the purpose of complying with Section 41, as it relates to the exclusion provided by this section and Section 24309.4, the Legislature finds and declares that the purpose of the exclusion is to provide essential relief to individuals who have suffered injury, loss, inconvenience, and expenses resulting from devastating wildfires and other natural disasters.(2) (A) By November 1, 2027, the Franchise Tax Board shall deliver to the Legislature a written report, in accordance with Section 9795 of the Government Code, that includes both of the following:(i) The number of qualified taxpayers that excluded qualified amounts from gross income, as those terms are used in this act, as a result of the tax expenditure allowed by this act.(ii) The aggregate amount of those settlement payments arising out of the wildfires and natural disasters.(B) The disclosure provisions of this paragraph shall be treated as an exception to Section 19542.(e) This section shall remain in effect only until December 1, 2027, and as of that date is repealed.SEC. 2. Section 24309.4 is added to the Revenue and Taxation Code, to read:24309.4. (a) For taxable years beginning on or after January 1, 2022, and before January 1, 2027, gross income does not include any qualified amount received by a qualified taxpayer.(b) For purposes of this section:(1) Qualified amount means any amount received in settlement by a qualified taxpayer to replace property damaged or destroyed by fire or natural disaster. wildfire if the property damaged or destroyed is located in an area of California damaged by the wildfire.(2) Qualified taxpayer means either of the following:(A) Any taxpayer that owns real property located in an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster. who paid or incurred expenses, and received amounts from a settlement, arising out of or pursuant to the wildfire.(B) Any taxpayer that has a place of business within an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster. who paid or incurred expenses, and received amounts from a settlement, arising out of or pursuant to the wildfire.(3) Settlement entity means the entity entity, approved by a class action settlement administrator, making the settlement payment to a qualified taxpayer.(c) The settlement entity shall provide, upon request by the Franchise Tax Board, Board or qualified taxpayer, documentation of the settlement payments in the form and manner requested by the Franchise Tax Board. Board or the qualified taxpayer who may provide the documentation to the Franchise Tax Board upon request.(d) This section shall remain in effect only until December 1, 2027, and as of that date is repealed.SEC. 3. The Legislature hereby finds and declares that the exclusions authorized by Sections 17139 and 24309.4 of the Revenue and Taxation Code, as added by this act, serve the public purpose of preventing undue hardship to taxpayers who reside, or used to reside, in parts of California devastated by recent wildfires, and do not constitute a gift of public funds within the meaning of Section 6 of Article XVI of the California Constitution.
40+The people of the State of California do enact as follows:SECTION 1. Section 17139 is added to the Revenue and Taxation Code, to read:17139. (a) For taxable years beginning on or after January 1, 2022, gross income does not include any qualified amount received by a qualified taxpayer.(b) For purposes of this section:(1) Qualified amount means any amount received in settlement by a qualified taxpayer to replace property damaged or destroyed by fire or natural disaster.(2) Qualified taxpayer means any of the following:(A) Any taxpayer that owns real property located in an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster.(B) Any taxpayer that resides within an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster.(C) Any taxpayer that has a place of business within an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster.(3) Settlement entity means the entity making the settlement payment to a qualified taxpayer.(c) The settlement entity shall provide, upon request by the Franchise Tax Board, documentation of the settlement payments in the form and manner requested by the Franchise Tax Board.SEC. 2. Section 24309.4 is added to the Revenue and Taxation Code, to read:24309.4. (a) For taxable years beginning on or after January 1, 2022, gross income does not include any qualified amount received by a qualified taxpayer.(b) For purposes of this section:(1) Qualified amount means any amount received in settlement by a qualified taxpayer to replace property damaged or destroyed by fire or natural disaster.(2) Qualified taxpayer means either of the following:(A) Any taxpayer that owns real property located in an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster.(B) Any taxpayer that has a place of business within an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster.(3) Settlement entity means the entity making the settlement payment to a qualified taxpayer.(c) The settlement entity shall provide, upon request by the Franchise Tax Board, documentation of the settlement payments in the form and manner requested by the Franchise Tax Board.SEC. 3. The Legislature hereby finds and declares that the exclusions authorized by Sections 17139 and 24309.4 of the Revenue and Taxation Code, as added by this act, serve the public purpose of preventing undue hardship to taxpayers who reside, or used to reside, in parts of California devastated by recent wildfires, and do not constitute a gift of public funds within the meaning of Section 6 of Article XVI of the California Constitution.
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4642 The people of the State of California do enact as follows:
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4844 ## The people of the State of California do enact as follows:
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50-SECTION 1. Section 17139 is added to the Revenue and Taxation Code, to read:17139. (a) For taxable years beginning on or after January 1, 2022, and before January 1, 2027, gross income does not include any qualified amount received by a qualified taxpayer.(b) For purposes of this section:(1) Qualified amount means any amount received in settlement by a qualified taxpayer to replace property damaged or destroyed by fire or natural disaster. wildfire if the property damaged or destroyed is located in an area of California damaged by the wildfire.(2) Qualified taxpayer means any of the following:(A) Any taxpayer that owns real property located in an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster. who paid or incurred expenses, and received amounts from a settlement, arising out of or pursuant to the wildfire.(B) Any taxpayer that resides within an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster. who paid or incurred expenses, and received amounts from a settlement, arising out of or pursuant to the wildfire.(C) Any taxpayer that has a place of business within an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster. who paid or incurred expenses, and received amounts from a settlement, arising out of or pursuant to the wildfire.(3) Settlement entity means the entity entity, approved by a class action settlement administrator, making the settlement payment to a qualified taxpayer.(c) The settlement entity shall provide, upon request by the Franchise Tax Board, Board or qualified taxpayer, documentation of the settlement payments in the form and manner requested by the Franchise Tax Board. Board or the qualified taxpayer who may provide the documentation to the Franchise Tax Board upon request.(d) (1) For the purpose of complying with Section 41, as it relates to the exclusion provided by this section and Section 24309.4, the Legislature finds and declares that the purpose of the exclusion is to provide essential relief to individuals who have suffered injury, loss, inconvenience, and expenses resulting from devastating wildfires and other natural disasters.(2) (A) By November 1, 2027, the Franchise Tax Board shall deliver to the Legislature a written report, in accordance with Section 9795 of the Government Code, that includes both of the following:(i) The number of qualified taxpayers that excluded qualified amounts from gross income, as those terms are used in this act, as a result of the tax expenditure allowed by this act.(ii) The aggregate amount of those settlement payments arising out of the wildfires and natural disasters.(B) The disclosure provisions of this paragraph shall be treated as an exception to Section 19542.(e) This section shall remain in effect only until December 1, 2027, and as of that date is repealed.
46+SECTION 1. Section 17139 is added to the Revenue and Taxation Code, to read:17139. (a) For taxable years beginning on or after January 1, 2022, gross income does not include any qualified amount received by a qualified taxpayer.(b) For purposes of this section:(1) Qualified amount means any amount received in settlement by a qualified taxpayer to replace property damaged or destroyed by fire or natural disaster.(2) Qualified taxpayer means any of the following:(A) Any taxpayer that owns real property located in an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster.(B) Any taxpayer that resides within an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster.(C) Any taxpayer that has a place of business within an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster.(3) Settlement entity means the entity making the settlement payment to a qualified taxpayer.(c) The settlement entity shall provide, upon request by the Franchise Tax Board, documentation of the settlement payments in the form and manner requested by the Franchise Tax Board.
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5248 SECTION 1. Section 17139 is added to the Revenue and Taxation Code, to read:
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5450 ### SECTION 1.
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56-17139. (a) For taxable years beginning on or after January 1, 2022, and before January 1, 2027, gross income does not include any qualified amount received by a qualified taxpayer.(b) For purposes of this section:(1) Qualified amount means any amount received in settlement by a qualified taxpayer to replace property damaged or destroyed by fire or natural disaster. wildfire if the property damaged or destroyed is located in an area of California damaged by the wildfire.(2) Qualified taxpayer means any of the following:(A) Any taxpayer that owns real property located in an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster. who paid or incurred expenses, and received amounts from a settlement, arising out of or pursuant to the wildfire.(B) Any taxpayer that resides within an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster. who paid or incurred expenses, and received amounts from a settlement, arising out of or pursuant to the wildfire.(C) Any taxpayer that has a place of business within an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster. who paid or incurred expenses, and received amounts from a settlement, arising out of or pursuant to the wildfire.(3) Settlement entity means the entity entity, approved by a class action settlement administrator, making the settlement payment to a qualified taxpayer.(c) The settlement entity shall provide, upon request by the Franchise Tax Board, Board or qualified taxpayer, documentation of the settlement payments in the form and manner requested by the Franchise Tax Board. Board or the qualified taxpayer who may provide the documentation to the Franchise Tax Board upon request.(d) (1) For the purpose of complying with Section 41, as it relates to the exclusion provided by this section and Section 24309.4, the Legislature finds and declares that the purpose of the exclusion is to provide essential relief to individuals who have suffered injury, loss, inconvenience, and expenses resulting from devastating wildfires and other natural disasters.(2) (A) By November 1, 2027, the Franchise Tax Board shall deliver to the Legislature a written report, in accordance with Section 9795 of the Government Code, that includes both of the following:(i) The number of qualified taxpayers that excluded qualified amounts from gross income, as those terms are used in this act, as a result of the tax expenditure allowed by this act.(ii) The aggregate amount of those settlement payments arising out of the wildfires and natural disasters.(B) The disclosure provisions of this paragraph shall be treated as an exception to Section 19542.(e) This section shall remain in effect only until December 1, 2027, and as of that date is repealed.
52+17139. (a) For taxable years beginning on or after January 1, 2022, gross income does not include any qualified amount received by a qualified taxpayer.(b) For purposes of this section:(1) Qualified amount means any amount received in settlement by a qualified taxpayer to replace property damaged or destroyed by fire or natural disaster.(2) Qualified taxpayer means any of the following:(A) Any taxpayer that owns real property located in an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster.(B) Any taxpayer that resides within an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster.(C) Any taxpayer that has a place of business within an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster.(3) Settlement entity means the entity making the settlement payment to a qualified taxpayer.(c) The settlement entity shall provide, upon request by the Franchise Tax Board, documentation of the settlement payments in the form and manner requested by the Franchise Tax Board.
5753
58-17139. (a) For taxable years beginning on or after January 1, 2022, and before January 1, 2027, gross income does not include any qualified amount received by a qualified taxpayer.(b) For purposes of this section:(1) Qualified amount means any amount received in settlement by a qualified taxpayer to replace property damaged or destroyed by fire or natural disaster. wildfire if the property damaged or destroyed is located in an area of California damaged by the wildfire.(2) Qualified taxpayer means any of the following:(A) Any taxpayer that owns real property located in an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster. who paid or incurred expenses, and received amounts from a settlement, arising out of or pursuant to the wildfire.(B) Any taxpayer that resides within an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster. who paid or incurred expenses, and received amounts from a settlement, arising out of or pursuant to the wildfire.(C) Any taxpayer that has a place of business within an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster. who paid or incurred expenses, and received amounts from a settlement, arising out of or pursuant to the wildfire.(3) Settlement entity means the entity entity, approved by a class action settlement administrator, making the settlement payment to a qualified taxpayer.(c) The settlement entity shall provide, upon request by the Franchise Tax Board, Board or qualified taxpayer, documentation of the settlement payments in the form and manner requested by the Franchise Tax Board. Board or the qualified taxpayer who may provide the documentation to the Franchise Tax Board upon request.(d) (1) For the purpose of complying with Section 41, as it relates to the exclusion provided by this section and Section 24309.4, the Legislature finds and declares that the purpose of the exclusion is to provide essential relief to individuals who have suffered injury, loss, inconvenience, and expenses resulting from devastating wildfires and other natural disasters.(2) (A) By November 1, 2027, the Franchise Tax Board shall deliver to the Legislature a written report, in accordance with Section 9795 of the Government Code, that includes both of the following:(i) The number of qualified taxpayers that excluded qualified amounts from gross income, as those terms are used in this act, as a result of the tax expenditure allowed by this act.(ii) The aggregate amount of those settlement payments arising out of the wildfires and natural disasters.(B) The disclosure provisions of this paragraph shall be treated as an exception to Section 19542.(e) This section shall remain in effect only until December 1, 2027, and as of that date is repealed.
54+17139. (a) For taxable years beginning on or after January 1, 2022, gross income does not include any qualified amount received by a qualified taxpayer.(b) For purposes of this section:(1) Qualified amount means any amount received in settlement by a qualified taxpayer to replace property damaged or destroyed by fire or natural disaster.(2) Qualified taxpayer means any of the following:(A) Any taxpayer that owns real property located in an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster.(B) Any taxpayer that resides within an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster.(C) Any taxpayer that has a place of business within an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster.(3) Settlement entity means the entity making the settlement payment to a qualified taxpayer.(c) The settlement entity shall provide, upon request by the Franchise Tax Board, documentation of the settlement payments in the form and manner requested by the Franchise Tax Board.
5955
60-17139. (a) For taxable years beginning on or after January 1, 2022, and before January 1, 2027, gross income does not include any qualified amount received by a qualified taxpayer.(b) For purposes of this section:(1) Qualified amount means any amount received in settlement by a qualified taxpayer to replace property damaged or destroyed by fire or natural disaster. wildfire if the property damaged or destroyed is located in an area of California damaged by the wildfire.(2) Qualified taxpayer means any of the following:(A) Any taxpayer that owns real property located in an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster. who paid or incurred expenses, and received amounts from a settlement, arising out of or pursuant to the wildfire.(B) Any taxpayer that resides within an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster. who paid or incurred expenses, and received amounts from a settlement, arising out of or pursuant to the wildfire.(C) Any taxpayer that has a place of business within an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster. who paid or incurred expenses, and received amounts from a settlement, arising out of or pursuant to the wildfire.(3) Settlement entity means the entity entity, approved by a class action settlement administrator, making the settlement payment to a qualified taxpayer.(c) The settlement entity shall provide, upon request by the Franchise Tax Board, Board or qualified taxpayer, documentation of the settlement payments in the form and manner requested by the Franchise Tax Board. Board or the qualified taxpayer who may provide the documentation to the Franchise Tax Board upon request.(d) (1) For the purpose of complying with Section 41, as it relates to the exclusion provided by this section and Section 24309.4, the Legislature finds and declares that the purpose of the exclusion is to provide essential relief to individuals who have suffered injury, loss, inconvenience, and expenses resulting from devastating wildfires and other natural disasters.(2) (A) By November 1, 2027, the Franchise Tax Board shall deliver to the Legislature a written report, in accordance with Section 9795 of the Government Code, that includes both of the following:(i) The number of qualified taxpayers that excluded qualified amounts from gross income, as those terms are used in this act, as a result of the tax expenditure allowed by this act.(ii) The aggregate amount of those settlement payments arising out of the wildfires and natural disasters.(B) The disclosure provisions of this paragraph shall be treated as an exception to Section 19542.(e) This section shall remain in effect only until December 1, 2027, and as of that date is repealed.
56+17139. (a) For taxable years beginning on or after January 1, 2022, gross income does not include any qualified amount received by a qualified taxpayer.(b) For purposes of this section:(1) Qualified amount means any amount received in settlement by a qualified taxpayer to replace property damaged or destroyed by fire or natural disaster.(2) Qualified taxpayer means any of the following:(A) Any taxpayer that owns real property located in an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster.(B) Any taxpayer that resides within an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster.(C) Any taxpayer that has a place of business within an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster.(3) Settlement entity means the entity making the settlement payment to a qualified taxpayer.(c) The settlement entity shall provide, upon request by the Franchise Tax Board, documentation of the settlement payments in the form and manner requested by the Franchise Tax Board.
6157
6258
6359
64-17139. (a) For taxable years beginning on or after January 1, 2022, and before January 1, 2027, gross income does not include any qualified amount received by a qualified taxpayer.
60+17139. (a) For taxable years beginning on or after January 1, 2022, gross income does not include any qualified amount received by a qualified taxpayer.
6561
6662 (b) For purposes of this section:
6763
68-(1) Qualified amount means any amount received in settlement by a qualified taxpayer to replace property damaged or destroyed by fire or natural disaster. wildfire if the property damaged or destroyed is located in an area of California damaged by the wildfire.
64+(1) Qualified amount means any amount received in settlement by a qualified taxpayer to replace property damaged or destroyed by fire or natural disaster.
6965
7066 (2) Qualified taxpayer means any of the following:
7167
72-(A) Any taxpayer that owns real property located in an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster. who paid or incurred expenses, and received amounts from a settlement, arising out of or pursuant to the wildfire.
68+(A) Any taxpayer that owns real property located in an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster.
7369
74-(B) Any taxpayer that resides within an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster. who paid or incurred expenses, and received amounts from a settlement, arising out of or pursuant to the wildfire.
70+(B) Any taxpayer that resides within an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster.
7571
76-(C) Any taxpayer that has a place of business within an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster. who paid or incurred expenses, and received amounts from a settlement, arising out of or pursuant to the wildfire.
72+(C) Any taxpayer that has a place of business within an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster.
7773
78-(3) Settlement entity means the entity entity, approved by a class action settlement administrator, making the settlement payment to a qualified taxpayer.
74+(3) Settlement entity means the entity making the settlement payment to a qualified taxpayer.
7975
80-(c) The settlement entity shall provide, upon request by the Franchise Tax Board, Board or qualified taxpayer, documentation of the settlement payments in the form and manner requested by the Franchise Tax Board. Board or the qualified taxpayer who may provide the documentation to the Franchise Tax Board upon request.
76+(c) The settlement entity shall provide, upon request by the Franchise Tax Board, documentation of the settlement payments in the form and manner requested by the Franchise Tax Board.
8177
82-(d) (1) For the purpose of complying with Section 41, as it relates to the exclusion provided by this section and Section 24309.4, the Legislature finds and declares that the purpose of the exclusion is to provide essential relief to individuals who have suffered injury, loss, inconvenience, and expenses resulting from devastating wildfires and other natural disasters.
83-
84-(2) (A) By November 1, 2027, the Franchise Tax Board shall deliver to the Legislature a written report, in accordance with Section 9795 of the Government Code, that includes both of the following:
85-
86-(i) The number of qualified taxpayers that excluded qualified amounts from gross income, as those terms are used in this act, as a result of the tax expenditure allowed by this act.
87-
88-(ii) The aggregate amount of those settlement payments arising out of the wildfires and natural disasters.
89-
90-(B) The disclosure provisions of this paragraph shall be treated as an exception to Section 19542.
91-
92-(e) This section shall remain in effect only until December 1, 2027, and as of that date is repealed.
93-
94-SEC. 2. Section 24309.4 is added to the Revenue and Taxation Code, to read:24309.4. (a) For taxable years beginning on or after January 1, 2022, and before January 1, 2027, gross income does not include any qualified amount received by a qualified taxpayer.(b) For purposes of this section:(1) Qualified amount means any amount received in settlement by a qualified taxpayer to replace property damaged or destroyed by fire or natural disaster. wildfire if the property damaged or destroyed is located in an area of California damaged by the wildfire.(2) Qualified taxpayer means either of the following:(A) Any taxpayer that owns real property located in an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster. who paid or incurred expenses, and received amounts from a settlement, arising out of or pursuant to the wildfire.(B) Any taxpayer that has a place of business within an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster. who paid or incurred expenses, and received amounts from a settlement, arising out of or pursuant to the wildfire.(3) Settlement entity means the entity entity, approved by a class action settlement administrator, making the settlement payment to a qualified taxpayer.(c) The settlement entity shall provide, upon request by the Franchise Tax Board, Board or qualified taxpayer, documentation of the settlement payments in the form and manner requested by the Franchise Tax Board. Board or the qualified taxpayer who may provide the documentation to the Franchise Tax Board upon request.(d) This section shall remain in effect only until December 1, 2027, and as of that date is repealed.
78+SEC. 2. Section 24309.4 is added to the Revenue and Taxation Code, to read:24309.4. (a) For taxable years beginning on or after January 1, 2022, gross income does not include any qualified amount received by a qualified taxpayer.(b) For purposes of this section:(1) Qualified amount means any amount received in settlement by a qualified taxpayer to replace property damaged or destroyed by fire or natural disaster.(2) Qualified taxpayer means either of the following:(A) Any taxpayer that owns real property located in an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster.(B) Any taxpayer that has a place of business within an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster.(3) Settlement entity means the entity making the settlement payment to a qualified taxpayer.(c) The settlement entity shall provide, upon request by the Franchise Tax Board, documentation of the settlement payments in the form and manner requested by the Franchise Tax Board.
9579
9680 SEC. 2. Section 24309.4 is added to the Revenue and Taxation Code, to read:
9781
9882 ### SEC. 2.
9983
100-24309.4. (a) For taxable years beginning on or after January 1, 2022, and before January 1, 2027, gross income does not include any qualified amount received by a qualified taxpayer.(b) For purposes of this section:(1) Qualified amount means any amount received in settlement by a qualified taxpayer to replace property damaged or destroyed by fire or natural disaster. wildfire if the property damaged or destroyed is located in an area of California damaged by the wildfire.(2) Qualified taxpayer means either of the following:(A) Any taxpayer that owns real property located in an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster. who paid or incurred expenses, and received amounts from a settlement, arising out of or pursuant to the wildfire.(B) Any taxpayer that has a place of business within an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster. who paid or incurred expenses, and received amounts from a settlement, arising out of or pursuant to the wildfire.(3) Settlement entity means the entity entity, approved by a class action settlement administrator, making the settlement payment to a qualified taxpayer.(c) The settlement entity shall provide, upon request by the Franchise Tax Board, Board or qualified taxpayer, documentation of the settlement payments in the form and manner requested by the Franchise Tax Board. Board or the qualified taxpayer who may provide the documentation to the Franchise Tax Board upon request.(d) This section shall remain in effect only until December 1, 2027, and as of that date is repealed.
84+24309.4. (a) For taxable years beginning on or after January 1, 2022, gross income does not include any qualified amount received by a qualified taxpayer.(b) For purposes of this section:(1) Qualified amount means any amount received in settlement by a qualified taxpayer to replace property damaged or destroyed by fire or natural disaster.(2) Qualified taxpayer means either of the following:(A) Any taxpayer that owns real property located in an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster.(B) Any taxpayer that has a place of business within an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster.(3) Settlement entity means the entity making the settlement payment to a qualified taxpayer.(c) The settlement entity shall provide, upon request by the Franchise Tax Board, documentation of the settlement payments in the form and manner requested by the Franchise Tax Board.
10185
102-24309.4. (a) For taxable years beginning on or after January 1, 2022, and before January 1, 2027, gross income does not include any qualified amount received by a qualified taxpayer.(b) For purposes of this section:(1) Qualified amount means any amount received in settlement by a qualified taxpayer to replace property damaged or destroyed by fire or natural disaster. wildfire if the property damaged or destroyed is located in an area of California damaged by the wildfire.(2) Qualified taxpayer means either of the following:(A) Any taxpayer that owns real property located in an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster. who paid or incurred expenses, and received amounts from a settlement, arising out of or pursuant to the wildfire.(B) Any taxpayer that has a place of business within an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster. who paid or incurred expenses, and received amounts from a settlement, arising out of or pursuant to the wildfire.(3) Settlement entity means the entity entity, approved by a class action settlement administrator, making the settlement payment to a qualified taxpayer.(c) The settlement entity shall provide, upon request by the Franchise Tax Board, Board or qualified taxpayer, documentation of the settlement payments in the form and manner requested by the Franchise Tax Board. Board or the qualified taxpayer who may provide the documentation to the Franchise Tax Board upon request.(d) This section shall remain in effect only until December 1, 2027, and as of that date is repealed.
86+24309.4. (a) For taxable years beginning on or after January 1, 2022, gross income does not include any qualified amount received by a qualified taxpayer.(b) For purposes of this section:(1) Qualified amount means any amount received in settlement by a qualified taxpayer to replace property damaged or destroyed by fire or natural disaster.(2) Qualified taxpayer means either of the following:(A) Any taxpayer that owns real property located in an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster.(B) Any taxpayer that has a place of business within an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster.(3) Settlement entity means the entity making the settlement payment to a qualified taxpayer.(c) The settlement entity shall provide, upon request by the Franchise Tax Board, documentation of the settlement payments in the form and manner requested by the Franchise Tax Board.
10387
104-24309.4. (a) For taxable years beginning on or after January 1, 2022, and before January 1, 2027, gross income does not include any qualified amount received by a qualified taxpayer.(b) For purposes of this section:(1) Qualified amount means any amount received in settlement by a qualified taxpayer to replace property damaged or destroyed by fire or natural disaster. wildfire if the property damaged or destroyed is located in an area of California damaged by the wildfire.(2) Qualified taxpayer means either of the following:(A) Any taxpayer that owns real property located in an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster. who paid or incurred expenses, and received amounts from a settlement, arising out of or pursuant to the wildfire.(B) Any taxpayer that has a place of business within an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster. who paid or incurred expenses, and received amounts from a settlement, arising out of or pursuant to the wildfire.(3) Settlement entity means the entity entity, approved by a class action settlement administrator, making the settlement payment to a qualified taxpayer.(c) The settlement entity shall provide, upon request by the Franchise Tax Board, Board or qualified taxpayer, documentation of the settlement payments in the form and manner requested by the Franchise Tax Board. Board or the qualified taxpayer who may provide the documentation to the Franchise Tax Board upon request.(d) This section shall remain in effect only until December 1, 2027, and as of that date is repealed.
88+24309.4. (a) For taxable years beginning on or after January 1, 2022, gross income does not include any qualified amount received by a qualified taxpayer.(b) For purposes of this section:(1) Qualified amount means any amount received in settlement by a qualified taxpayer to replace property damaged or destroyed by fire or natural disaster.(2) Qualified taxpayer means either of the following:(A) Any taxpayer that owns real property located in an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster.(B) Any taxpayer that has a place of business within an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster.(3) Settlement entity means the entity making the settlement payment to a qualified taxpayer.(c) The settlement entity shall provide, upon request by the Franchise Tax Board, documentation of the settlement payments in the form and manner requested by the Franchise Tax Board.
10589
10690
10791
108-24309.4. (a) For taxable years beginning on or after January 1, 2022, and before January 1, 2027, gross income does not include any qualified amount received by a qualified taxpayer.
92+24309.4. (a) For taxable years beginning on or after January 1, 2022, gross income does not include any qualified amount received by a qualified taxpayer.
10993
11094 (b) For purposes of this section:
11195
112-(1) Qualified amount means any amount received in settlement by a qualified taxpayer to replace property damaged or destroyed by fire or natural disaster. wildfire if the property damaged or destroyed is located in an area of California damaged by the wildfire.
96+(1) Qualified amount means any amount received in settlement by a qualified taxpayer to replace property damaged or destroyed by fire or natural disaster.
11397
11498 (2) Qualified taxpayer means either of the following:
11599
116-(A) Any taxpayer that owns real property located in an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster. who paid or incurred expenses, and received amounts from a settlement, arising out of or pursuant to the wildfire.
100+(A) Any taxpayer that owns real property located in an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster.
117101
118-(B) Any taxpayer that has a place of business within an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster. who paid or incurred expenses, and received amounts from a settlement, arising out of or pursuant to the wildfire.
102+(B) Any taxpayer that has a place of business within an area damaged by a wildfire or natural disaster who paid and incurred expenses and received amounts from a settlement arising out of or pursuant to the fire or natural disaster.
119103
120-(3) Settlement entity means the entity entity, approved by a class action settlement administrator, making the settlement payment to a qualified taxpayer.
104+(3) Settlement entity means the entity making the settlement payment to a qualified taxpayer.
121105
122-(c) The settlement entity shall provide, upon request by the Franchise Tax Board, Board or qualified taxpayer, documentation of the settlement payments in the form and manner requested by the Franchise Tax Board. Board or the qualified taxpayer who may provide the documentation to the Franchise Tax Board upon request.
123-
124-(d) This section shall remain in effect only until December 1, 2027, and as of that date is repealed.
106+(c) The settlement entity shall provide, upon request by the Franchise Tax Board, documentation of the settlement payments in the form and manner requested by the Franchise Tax Board.
125107
126108 SEC. 3. The Legislature hereby finds and declares that the exclusions authorized by Sections 17139 and 24309.4 of the Revenue and Taxation Code, as added by this act, serve the public purpose of preventing undue hardship to taxpayers who reside, or used to reside, in parts of California devastated by recent wildfires, and do not constitute a gift of public funds within the meaning of Section 6 of Article XVI of the California Constitution.
127109
128110 SEC. 3. The Legislature hereby finds and declares that the exclusions authorized by Sections 17139 and 24309.4 of the Revenue and Taxation Code, as added by this act, serve the public purpose of preventing undue hardship to taxpayers who reside, or used to reside, in parts of California devastated by recent wildfires, and do not constitute a gift of public funds within the meaning of Section 6 of Article XVI of the California Constitution.
129111
130112 SEC. 3. The Legislature hereby finds and declares that the exclusions authorized by Sections 17139 and 24309.4 of the Revenue and Taxation Code, as added by this act, serve the public purpose of preventing undue hardship to taxpayers who reside, or used to reside, in parts of California devastated by recent wildfires, and do not constitute a gift of public funds within the meaning of Section 6 of Article XVI of the California Constitution.
131113
132114 ### SEC. 3.