California Revenue and Taxation Code

§ 17138.5

RTC § 17138.5 Effective Sep 29, 2022Div. 2 · Part 10 · Ch. 3 · Art. 3

Statute text

(a)Gross income does not include any qualified amount received by a qualified taxpayer.

(b)For purposes of this section:

(1)“Qualified amount” means any amount received in settlement by a qualified taxpayer from the Fire Victims Trust, established pursuant to the order of the United States Bankruptcy Court for the Northern District of California dated June 20, 2020, case number 19-30088, docket number 8053.

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Legislative history

Added by Stats. 2022, Ch. 749, Sec. 2. (AB 1249) Effective September 29, 2022. Repealed as of January 1, 2028, by its own provisions.