CA SB343

Excludes from gross income any qualified amounts received by qualified taxpayers related to the Kast Property Tank Farm facility cleanup in Carson, California under Water Quality Control Board Order R4-2011-0046.

Qualified amounts include temporary accommodations and relocation costs paid by Shell Oil Company, amounts paid under the Optional Real Estate Program, and settlement proceeds from the cleanup pursuant to the order.

Defines qualified taxpayers as those who currently or previously owned real property in the Carousel Housing Tract in Carson, California or currently or previously resided there and received amounts related to the cleanup.

Applies retroactively to taxable years beginning before, on, or after the bill's effective date, with a one-year window for refund claims on overpaid taxes from prior periods.

Takes effect immediately as an urgency statute to provide relief to residents affected by contamination at the former tank farm facility.