CA SB946

Excludes California qualified wildfire loss mitigation payments from gross income for personal income tax and corporation tax purposes for taxable years January 1, 2024 through December 31, 2028.

Applies only to qualified taxpayers (property owners) who receive payments through the California Wildfire Mitigation Financial Assistance Program for residential wildfire loss mitigation expenses.

Requires the joint powers authority administering the program to submit a report to the Legislature by December 1, 2029 detailing total program funds distributed and number of eligible individuals who accepted funds.

Authorizes the Franchise Tax Board to share data on excluded amounts with the joint powers authority while maintaining taxpayer confidentiality under existing law.

Takes effect immediately as a tax levy and automatically repeals on December 1, 2029.