California Revenue and Taxation Code

§ 17138.8

RTC § 17138.8 Effective Sep 29, 2024Div. 2 · Part 10 · Ch. 3 · Art. 3

Statute text

(a)For taxable years beginning on or after January 1, 2024, and before January 1, 2029, gross income shall not include any amount received by a qualified taxpayer as a California qualified wildfire loss mitigation payment.

(b)For purposes of this section, the following definitions apply:

(1)“California qualified wildfire loss mitigation payment” means any amount which is received through the California Wildfire Mitigation Financial Assistance Program under Article 16.5 (commencing with Section 8654.2) of Chapter 7 of Division 1 of Title 2 of the Government Code for the benefit of a residential property owner or occupant with expenses paid, or obligations incurred, for wildfire loss mitigation.

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Legislative history

Added by Stats. 2024, Ch. 987, Sec. 1. (SB 946) Effective September 29, 2024. Repealed as of December 1, 2029, by its own provisions.