California § 24308.10. 24308.10. (Added by Stats. 2024, Ch. 987, Sec. 2.)

California Statutes

§ 24308.10. — 24308.10. (Added by Stats. 2024, Ch. 987, Sec. 2.)

California·Code RTC Revenue and Taxation Code - RTC·Div. 2. DIVISION 2. OTHER TAXES·Part 11. PART 11. CORPORATION TAX LAW·Ch. 6. CHAPTER 6. Gross Income·Art. 2. ARTICLE 2. Exclusions

(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)
This section shall remain in effect only until December 1, 2029, and as of that date is repealed.

California § 24308.10. (24308.10. (Added by Stats. 2024, Ch. 987, Sec. 2.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.