Personal Income Tax Law: Corporation Tax Law: Bobcat Fire: exclusions.
- Excludes settlement payments received from Southern California Edison for the 2020 Bobcat Fire from state taxable income for Los Angeles County residents, property owners, and businesses.
- Applies to tax years 2024 through 2028, with provisions automatically expiring on December 1, 2029.
- Requires Southern California Edison to provide settlement payment documentation to the Franchise Tax Board upon request.
- Takes effect immediately as an urgency measure to provide rapid financial relief to fire victims.
Assembly Member Lackey's proposal to exclude Bobcat Fire settlements from state taxation addresses the financial aftermath of the 2020 wildfire that affected Los Angeles County residents and businesses. The legislation creates a five-year tax exclusion window for settlement payments received from Southern California Edison related to fire damages and expenses.
The tax exclusion applies to three categories of recipients: property owners, residents, and businesses that operated in Los Angeles County during the 2020 Bobcat Fire and received settlement payments for associated costs and losses. Southern California Edison, as the designated settlement entity, must provide documentation of these payments to the Franchise Tax Board upon request. The exclusion period runs from January 1, 2024 through January 1, 2029.
To measure the program's implementation, the Franchise Tax Board must submit a report to the Legislature by December 1, 2029, detailing the number of taxpayers who utilized the exclusion and the total amount of settlement payments excluded. The legislation includes an urgency clause for immediate implementation upon passage, with both new tax code sections automatically repealing on December 1, 2029.
 Tom LackeyR Assemblymember | Bill Author |  Not Contacted | |
 Tim GraysonD Senator | Committee Member | Not Contacted | |
 Tom UmbergD Senator | Committee Member | Not Contacted | |
 Megan DahleR Senator | Bill Author | Not Contacted | |
 Angelique AshbyD Senator | Committee Member | Not Contacted |
| Bill Number | Title | Introduced Date | Status | Link to Bill |
|---|---|---|---|---|
AB-1973 | Personal Income Tax Law: Corporation Tax Law: Bobcat Fire: exclusions. | January 2024 | Vetoed |
Email the authors or create an email template to send to all relevant legislators.
Introduced By
Latest Voting History
| Ayes | Noes | NVR | Total | Result |
|---|---|---|---|---|
| 72 | 0 | 7 | 79 | PASS |
- Excludes settlement payments received from Southern California Edison for the 2020 Bobcat Fire from state taxable income for Los Angeles County residents, property owners, and businesses.
- Applies to tax years 2024 through 2028, with provisions automatically expiring on December 1, 2029.
- Requires Southern California Edison to provide settlement payment documentation to the Franchise Tax Board upon request.
- Takes effect immediately as an urgency measure to provide rapid financial relief to fire victims.
Email the authors or create an email template to send to all relevant legislators.
Introduced By
Assembly Member Lackey's proposal to exclude Bobcat Fire settlements from state taxation addresses the financial aftermath of the 2020 wildfire that affected Los Angeles County residents and businesses. The legislation creates a five-year tax exclusion window for settlement payments received from Southern California Edison related to fire damages and expenses.
The tax exclusion applies to three categories of recipients: property owners, residents, and businesses that operated in Los Angeles County during the 2020 Bobcat Fire and received settlement payments for associated costs and losses. Southern California Edison, as the designated settlement entity, must provide documentation of these payments to the Franchise Tax Board upon request. The exclusion period runs from January 1, 2024 through January 1, 2029.
To measure the program's implementation, the Franchise Tax Board must submit a report to the Legislature by December 1, 2029, detailing the number of taxpayers who utilized the exclusion and the total amount of settlement payments excluded. The legislation includes an urgency clause for immediate implementation upon passage, with both new tax code sections automatically repealing on December 1, 2029.
Latest Voting History
| Ayes | Noes | NVR | Total | Result |
|---|---|---|---|---|
| 72 | 0 | 7 | 79 | PASS |
Tom LackeyR Assemblymember | Bill Author | Not Contacted | |
Tim GraysonD Senator | Committee Member | Not Contacted | |
Tom UmbergD Senator | Committee Member | Not Contacted | |
Megan DahleR Senator | Bill Author | Not Contacted | |
Angelique AshbyD Senator | Committee Member | Not Contacted |
| Bill Number | Title | Introduced Date | Status | Link to Bill |
|---|---|---|---|---|
AB-1973 | Personal Income Tax Law: Corporation Tax Law: Bobcat Fire: exclusions. | January 2024 | Vetoed |