Personal Income Tax Law: Corporation Tax Law: wildfires: exclusions.

Summary

AB 376 adds a new tax provision that lets qualified taxpayers exclude settlement money received for wildfire‑damaged property from their gross income. It applies to owners, renters, and businesses located in areas declared a state of emergency for wildfires for tax years beginning Jan. 1 2023 through Dec. 31 2027. The bill also requires the Franchise Tax Board to report usage of the exclusion.

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

Hearings

• Revenue and Taxation Committee Hearing
  Revenue and Taxation · Apr 28, 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. Apr 28, 2025In committee: Set, second hearing. Referred to REV. & TAX. suspense file.
4. Apr 28, 2025In committee: Held under submission.
5. Apr 22, 2025Re-referred to Com. on REV. & TAX.
6. Apr 21, 2025From committee chair, with author's amendments: Amend, and re-refer to Com. on REV. & TAX. Read second time and amended.
7. Mar 17, 2025In committee: Set, first hearing. Hearing canceled at the request of author.
8. Feb 18, 2025Referred to Com. on REV. & TAX.
9. Feb 4, 2025From printer. May be heard in committee March 6.
10. Feb 3, 2025Read first time. To print.

Sponsors

• Tangipa · sponsor

Bill text

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