CA AB97

Excludes settlement payments from Southern California Edison related to the 2020 Bobcat Fire from gross income for both personal and corporate tax purposes

Applies to taxable years beginning January 1, 2024, through January 1, 2029, for qualified taxpayers in Los Angeles County who owned property, resided, or had a business there during the fire

Requires the Franchise Tax Board to submit a report to the Legislature by December 1, 2029, detailing the number of taxpayers who claimed the exclusion and the aggregate amount of settlement payments

Provisions automatically repeal on December 1, 2029

Declared an urgency statute requiring a two-thirds vote, taking effect immediately to provide relief to fire victims