Bill > AB429

This bill provides a tax exclusion for individuals and businesses affected by the 2021 Dixie Fire and 2022 Mill Fire in specific California counties, allowing them to exclude settlement payments from their gross income for state tax purposes during tax years 2022-2027. Qualified taxpayers include property owners, residents, and business owners in Butte, Plumas, Lassen, Shasta, Tehama, and Siskiyou Counties who received settlement payments from specific entities like Pacific Gas and Electric Company (for the Dixie Fire) and Roseburg Forest Products (for the Mill Fire). The bill requires the Franchise Tax Board to report to the Legislature by December 1, 2027, detailing the number of qualified taxpayers and the aggregate amount of settlement payments. The legislation aims to provide financial relief to those impacted by these devastating wildfires and includes provisions for transparency by requiring documentation of settlement payments. Notably, the bill originally included provisions for a 2024 Park Fire, but these were removed in the final version. The bill is classified as an urgency statute, meaning it goes into effect immediately to provide rapid assistance to fire-affected communities.

Budget and Finance

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260AB429