CA AB1973

Excludes settlement amounts received from Southern California Edison related to the 2020 Bobcat Fire from gross income for qualified taxpayers for taxable years 2024-2028.

Defines qualified taxpayers as those who owned real property, resided, or had a place of business in Los Angeles County during the 2020 Bobcat Fire and received settlement payments for expenses and losses.

Requires Southern California Edison to provide settlement payment documentation to the Franchise Tax Board upon request.

Mandates the Franchise Tax Board deliver a report to the Legislature by December 1, 2029 detailing the number of qualified taxpayers using the exclusion and aggregate settlement payment amounts.

Takes effect immediately as an urgency statute and expires December 1, 2029.