Added by Stats. 2024, Ch. 987, Sec. 2. (SB 946) Effective September 29, 2024. Repealed as of December 1, 2029, by its own provisions.
(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.
(2)“Qualified taxpayer” means a taxpayer that owns the structure for which a California qualified wildfire loss mitigation payment was received.
(3)“Wildfire loss mitigation” means an activity that reduces wildfire risks to a residential structure or its contents, or both.
(c)This section shall remain in effect only until December 1, 2029, and as of that date is repealed.
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