JurisdictionCaliforniaCode RTCRevenue and Taxation Code - RTC
Div. 2.DIVISION 2. OTHER TAXES
Part 10.PART 10. PERSONAL INCOME TAX
Ch. 3.CHAPTER 3. Computation of Taxable Income
Art. 3.ARTICLE 3. Items Specifically Excluded from Gross Income
This text of California § 17138.8. (17138.8. (Added by Stats. 2024, Ch. 987, Sec. 1.)) is published on Counsel Stack Legal Research, covering California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
(a)For taxable years beginning on or after January 1, 2024, and before January 1, 2029, gross income shall not include any amount received by a qualified taxpayer as a California qualified wildfire loss mitigation payment.
(b)For purposes of this section, the following definitions apply:
(1)“California qualified wildfire loss mitigation payment” means any amount which is received through the California Wildfire Mitigation Financial
Assistance Program under Article 16.5 (commencing with Section 8654.2) of Chapter 7 of Division 1 of Title 2 of the Government Code for the benefit of a residential property owner or occupant with expenses paid, or obligations incurred, for wildfire loss mitigation.
(2)“Qualified taxpayer” means a taxpayer that owns the structure for which a California
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(a)
For taxable years beginning on or after January 1, 2024, and before January 1, 2029, gross income shall not include any amount received by a qualified taxpayer as a California qualified wildfire loss mitigation payment.
(b)
For purposes of this section, the following definitions apply:
(1)
“California qualified wildfire loss mitigation payment” means any amount which is received through the California Wildfire Mitigation Financial
Assistance Program under Article 16.5 (commencing with Section 8654.2) of Chapter 7 of Division 1 of Title 2 of the Government Code for the benefit of a residential property owner or occupant with expenses paid, or obligations incurred, for wildfire loss mitigation.
(2)
“Qualified taxpayer” means a taxpayer that owns the structure for which a California qualified wildfire loss mitigation payment was received.
(3)
“Wildfire loss mitigation” means an activity that reduces wildfire risks to a residential structure or its contents, or both.
(c)
(1)
For the purpose of complying with Section 41, as it relates to the tax exclusion provided by this section and Section 24308.10, the Legislature
finds and declares the following:
(A)
The specific goal, purpose, and objective of the tax exclusion is to provide relief to qualifying property owners in high fire areas who participate in the California Wildfire Mitigation Financial Assistance Program pursuant to Section 8654.2 of the Government Code.
(B)
The performance indicators for the Legislature to use in determining if the exclusion achieves the stated goal, purpose, and objective shall be the number of qualified taxpayers that may be eligible to exclude qualified amounts from gross income, and the aggregate amount of funds distributed from the
California Wildfire Mitigation Financial Assistance Program.
(2)
(A)
No later than December 1, 2029, the joint powers authority created pursuant to Section 8654.4 of the Government Code shall submit a report to the Legislature, in compliance with Section 9795 of the Government Code, detailing, to the extent data is available, the aggregate amount of funds distributed from the California Wildfire Mitigation Financial Assistance Program, and the number of
individuals who accepted funds from the program who may be eligible to exclude the income pursuant to this section and Section 24308.10.
(B)
Notwithstanding Section 19542, the Franchise Tax Board may provide data related to amounts excluded from gross income pursuant to this section and Section 24308.10, requested by the joint powers authority, to the extent that data is available. Taxpayer information received by the joint powers authority pursuant to this section is subject to Section 19542.
(d)
This section shall remain in effect only until December 1, 2029, and as of that date is repealed.