CA AB1249

Excludes from gross income any settlement amounts received by qualified taxpayers from the Fire Victims Trust established from PG&E's bankruptcy reorganization related to the 2015 Butte Fire, 2017 North Bay Fires, and 2018 Camp Fire.

Applies to taxpayers who owned real property or resided in Amador, Calaveras, Napa, Sonoma, Lake, Butte, Mendocino, or Solano counties during the specified fires and incurred expenses from those fires.

Authorizes refunds of overpayments from prior tax years resulting from this exclusion, payable from the Tax Relief and Refund Account.

Requires the Fire Victims Trust to provide annual lists of qualified taxpayers and payment amounts to the Franchise Tax Board upon request.

Expires January 1, 2028, and takes effect immediately as an urgency statute.