Bill > SB1004

This bill aims to provide tax relief for individuals and businesses affected by wildfires in California. It would create new sections in the state's Revenue and Taxation Code to exclude certain wildfire-related income and property losses from state income taxes. Specifically, the bill would allow taxpayers to exclude from their taxable income any compensation received for losses due to a wildfire, as well as exclude from their taxable income any property that was destroyed or damaged by a wildfire. This bill is intended to provide financial assistance to California residents and businesses that have suffered the consequences of recent and ongoing wildfires in the state.

Budget and Finance

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202320240SB1004