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Committee hears AB 429 to exempt past wildfire settlements from state income tax
Summary
AB 429 would exempt certain past wildfire-related settlement payments from California gross income for losses in 2020'2026; author and witnesses said the change would ease recovery for victims; the bill was referred to the committee's suspense file.
Assemblymember Megan Hatwick presented AB 429, which would exclude specified past wildfire-related settlement payments from gross income for tax purposes for losses occurring from 2020 through 2026.
Hatwick told the committee that some wildfire victims have been surprised to learn settlement payments could be taxable and that prior attempts to secure retroactive relief were vetoed with direction to the budget…
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