Bill > AB1786

This bill adds a new section to the Revenue and Taxation Code to exclude from gross income, which is the total amount of income from all sources before deductions, any prize or award won by a taxpayer in athletic competition in the Olympic Games, and this exclusion applies to prizes and awards received on or after January 1, 2012. The bill also states that it provides for a tax levy, meaning it imposes a tax, and therefore takes effect immediately. The bill also removes language related to sport fishing licenses from the Fish and Game Code, specifically sections 7149 and 7149.05, which detail the fees and types of sport fishing licenses available to residents and nonresidents, and the process for issuing them.