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Author urges tax exemption for past wildfire settlements to aid victims in rural districts
Summary
AB 429 would exempt insurance and settlement payments for wildfire losses from gross income for specified years (2020–2026); author and victims testified about unrecovered losses in rural communities and asked the committee to refer the bill to the suspense file for budget consideration.
Assemblymember Hatwick presented AB 429, a bill that would exempt wildfire‑related settlement payments from gross income for losses incurred in defined years (2020 through 2026). The author said recent catastrophic fires and settlements can leave victims with unexpected tax liabilities that complicate recovery and rebuilding.
"The average citizen has no idea that a settlement for disasters and destruction of…
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