CA AB429

Excludes from gross income for both personal and corporate taxes any settlement amounts received by taxpayers affected by the 2021 Dixie Fire (Butte, Plumas, Lassen, Shasta, and Tehama Counties) or the 2022 Mill Fire (Siskiyou County)

Applies to taxable years beginning on or after January 1, 2022, and before January 1, 2027

Qualified taxpayers include property owners, residents, or businesses located in the affected counties during the fires who received settlement payments from Pacific Gas and Electric Company (Dixie Fire) or Roseburg Forest Products (Mill Fire)

Requires the Franchise Tax Board to report to the Legislature by December 1, 2027, on the number of taxpayers who used the exclusion and the aggregate settlement amounts

Declared an urgency statute requiring a two-thirds vote, taking effect immediately; the tax exclusion provisions are repealed on December 1, 2027