CA SB132

Increases the California Motion Picture and Television Production Credit annual allocation from $330 million to $750 million per fiscal year for 2025-26 through 2029-30, with credits of 20-25% of qualified expenditures depending on production type

Excludes from gross income up to $20,000 of military retirement pay and Department of Defense Survivor Benefit Plan annuity payments for qualified taxpayers with income below $125,000 (single) or $250,000 (joint) for tax years 2025-2029

Creates income tax exclusions for wildfire settlement payments (2021-2029) and Chiquita Canyon landfill event compensation payments (2024-2028), with landfill payments also excluded from means-tested program eligibility determinations

Extends the Small Business Relief Act elective tax for pass-through entities through 2030 and modifies the associated credit, reducing it by 12.5% of unpaid amounts if the June 15 estimated payment is not made

Removes banking and financial business activities from the three-factor apportionment formula for corporate taxes beginning January 1, 2025, requiring these businesses to use the single sales factor formula