Income taxes: gross income exclusions: state of emergency: natural disaster settlements.
- Excludes disaster settlement payments from taxable income for California residents affected by emergencies through 2030.
- Applies to property owners, residents, and businesses who receive settlement funds to replace damaged property.
- Requires settlement administrators to provide payment documentation to the state tax board upon request.
- Takes effect immediately to provide financial relief for victims of natural and human-caused disasters.
Senator Choi's tax relief measure would exclude from gross income certain settlement payments received by California residents and businesses to replace property damaged or destroyed during declared emergencies. The exclusion would apply to settlement amounts paid between 2025 and 2030 by entities approved through class action administrators.
The bill establishes three categories of eligible recipients: property owners, residents, and business owners located in areas affected by disasters or accidents that prompted state or local emergency declarations. To qualify, taxpayers must have incurred expenses related to the emergency event and received settlement funds specifically for property replacement. Settlement entities would be required to provide payment documentation to both recipients and state tax authorities upon request.
According to the bill's findings, this tax treatment aims to provide financial relief to individuals who face losses and expenses during disasters. The provisions would automatically expire on December 1, 2030, unless extended through subsequent legislation.
 Anna CaballeroD Senator | Committee Member |  Not Contacted | |
 Roger NielloR Senator | Bill Author | Not Contacted | |
 Brian JonesR Senator | Bill Author | Not Contacted | |
 Steven ChoiR Senator | Bill Author | Not Contacted | |
 Tim GraysonD Senator | Committee Member | Not Contacted |
| Bill Number | Title | Introduced Date | Status | Link to Bill |
|---|---|---|---|---|
SB-927 | Income taxes: gross income exclusions: state of emergency: natural disaster settlements. | January 2024 | Failed |
Email the authors or create an email template to send to all relevant legislators.
Introduced By
Latest Voting History
| Ayes | Noes | NVR | Total | Result |
|---|---|---|---|---|
| 5 | 0 | 2 | 7 | PASS |
- Excludes disaster settlement payments from taxable income for California residents affected by emergencies through 2030.
- Applies to property owners, residents, and businesses who receive settlement funds to replace damaged property.
- Requires settlement administrators to provide payment documentation to the state tax board upon request.
- Takes effect immediately to provide financial relief for victims of natural and human-caused disasters.
Email the authors or create an email template to send to all relevant legislators.
Introduced By
Senator Choi's tax relief measure would exclude from gross income certain settlement payments received by California residents and businesses to replace property damaged or destroyed during declared emergencies. The exclusion would apply to settlement amounts paid between 2025 and 2030 by entities approved through class action administrators.
The bill establishes three categories of eligible recipients: property owners, residents, and business owners located in areas affected by disasters or accidents that prompted state or local emergency declarations. To qualify, taxpayers must have incurred expenses related to the emergency event and received settlement funds specifically for property replacement. Settlement entities would be required to provide payment documentation to both recipients and state tax authorities upon request.
According to the bill's findings, this tax treatment aims to provide financial relief to individuals who face losses and expenses during disasters. The provisions would automatically expire on December 1, 2030, unless extended through subsequent legislation.
Latest Voting History
| Ayes | Noes | NVR | Total | Result |
|---|---|---|---|---|
| 5 | 0 | 2 | 7 | PASS |
Anna CaballeroD Senator | Committee Member | Not Contacted | |
Roger NielloR Senator | Bill Author | Not Contacted | |
Brian JonesR Senator | Bill Author | Not Contacted | |
Steven ChoiR Senator | Bill Author | Not Contacted | |
Tim GraysonD Senator | Committee Member | Not Contacted |
| Bill Number | Title | Introduced Date | Status | Link to Bill |
|---|---|---|---|---|
SB-927 | Income taxes: gross income exclusions: state of emergency: natural disaster settlements. | January 2024 | Failed |