CA SB159

Excludes from gross income for personal and corporate taxes any settlement amounts received by qualified taxpayers in connection with qualified wildfire disasters in California, for taxable years beginning January 1, 2021, through January 1, 2030

Defines "qualified wildfire disaster" as any wildfire for which the Governor declared a state of emergency or the President declared an emergency or major disaster under the Stafford Act

Qualified taxpayers include property owners, residents, or businesses located in areas damaged by a qualified wildfire who paid or incurred expenses and received settlement payments related to the disaster

Appropriates $10,000 from the General Fund to the Franchise Tax Board to administer the qualified wildfire disaster settlement provisions

Takes effect immediately as a budget-related bill and requires a two-thirds legislative vote because it results in some taxpayers paying higher taxes due to narrowed definitions