Natural disasters: catastrophe savings accounts: personal income tax.

Summary

AB 232 lets California homeowners open a single "catastrophe savings account" to set aside money for wildfire, flood or earthquake deductible and uninsured losses. Contributions are deductible from state taxable income and interest earned is excluded from gross income, but using the funds for non‑qualified expenses triggers a penalty. The program expires in 2030 and the bill did not pass.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

Vote

From committee: Do pass and re-refer to Com. on REV. & TAX. (Ayes 8. Noes 0.) (March 3). Re-referred to Com. on REV. & TAX. · Mar 3, 2025

Hearings

• Appropriations Committee Hearing
  Appropriations · May 23, 2025
• Appropriations Committee Hearing
  Appropriations · May 21, 2025
• Revenue and Taxation Committee Hearing
  Revenue and Taxation · May 5, 2025
• Revenue and Taxation Committee Hearing
  Revenue and Taxation · Apr 21, 2025
• Banking and Finance Committee Hearing
  Banking and Finance · Mar 3, 2025

History

1. Feb 2, 2026From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.
2. Jan 31, 2026Died pursuant to Art. IV, Sec. 10(c) of the Constitution.
3. May 23, 2025In committee: Held under submission.
4. May 21, 2025Joint Rule 62(a), file notice suspended. (Page 1627.)
5. May 21, 2025In committee: Set, first hearing. Referred to APPR. suspense file.
6. May 14, 2025In committee: Hearing postponed by committee.
7. May 6, 2025From committee: Do pass and re-refer to Com. on APPR. (Ayes 7. Noes 0.) (May 5). Re-referred to Com. on APPR.
8. Apr 21, 2025Re-referred to Com. on REV. & TAX.
9. Apr 21, 2025In committee: Set, first hearing. Referred to suspense file.
10. Apr 11, 2025From committee chair, with author's amendments: Amend, and re-refer to Com. on REV. & TAX. Read second time and amended.
11. Mar 3, 2025From committee: Do pass and re-refer to Com. on REV. & TAX. (Ayes 8. Noes 0.) (March 3). Re-referred to Com. on REV. & TAX.
12. Mar 3, 2025Coauthors revised.

The 12 most recent of 15 recorded actions.

Sponsors

• Calderon · sponsor
• Gipson
• Valencia

Bill text

Opens the legislature’s own copy.

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