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Subcommittee hears plan to prospectively exclude wildfire settlement payments from taxable income through 2029
Summary
The Department of Finance proposed excluding wildfire settlement payments paid between Jan. 1, 2025 and tax year 2029 from California gross income to provide certainty for victims; members pressed the administration on why certain fires appear excluded and asked for fiscal estimates for retroactive relief.
The subcommittee heard the Governor's proposal to exclude wildfire settlement payments from state taxable income if the settlement payment is made on or after Jan. 1, 2025 and through tax year 2029. Department of Finance staff explained the exclusion applies regardless of when the fire occurred and is limited to amounts not compensated by insurance or other sources.
DOF noted the state has previously enacted one-off exclusions for specific fires and settlement programs (for example, payments related to the 2017 Thomas fire, 2018 Camp and Woolsey fires, 2019…
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