SB 542

  • California Senate Bill
  • 2023-2024 Regular Session
  • Introduced in Senate Feb 15, 2023
  • Passed Senate May 25, 2023
  • Passed Assembly Aug 26, 2024
  • Governor

Personal Income Tax Law: Corporation Tax Law: wildfires: exclusions.

Abstract

The Personal Income Tax Law and the Corporation Tax Law, in conformity with federal income tax law, generally defines "gross income" as income from whatever source derived, except as specifically excluded, and provides various exclusions from gross income. This bill would, for taxable years beginning on or after January 1, 2022, and before January 1, 2027, provide an exclusion from gross income for any qualified taxpayer, as defined, for amounts received in settlement for costs and losses associated with the 2021 Dixie Fire in the Counties of Butte, Plumas, Lassen, Shasta, and Tehama, or the 2022 Mill Fire in the County of Siskiyou, as provided. Existing law requires a bill authorizing a new tax expenditure to contain, among other things, specific goals, purposes, and objectives the tax expenditure will achieve, detailed performance indicators, and data collection requirements. This bill would include additional information required for any bill authorizing a new tax expenditure. The bill would make legislative findings and declarations regarding the public purpose served by this bill. This bill would declare that it is to take effect immediately as an urgency statute.

Bill Sponsors (2)

Votes


Actions


Sep 29, 2024

Senate

Vetoed by the Governor.

Senate

In Senate. Consideration of Governor's veto pending.

Sep 04, 2024

California State Legislature

Enrolled and presented to the Governor at 4 p.m.

Aug 28, 2024

Senate

Assembly amendments concurred in. (Ayes 39. Noes 0. Page 5611.) Ordered to engrossing and enrolling.

Aug 27, 2024

Senate

Ordered to special consent calendar.

Aug 26, 2024

Assembly

Read third time. Urgency clause adopted. Passed. (Ayes 77. Noes 0. Page 6516.) Ordered to the Senate.

Senate

In Senate. Concurrence in Assembly amendments pending.

Aug 19, 2024

Assembly

Read second time. Ordered to third reading.

Aug 15, 2024

Assembly

From committee: Do pass. (Ayes 14. Noes 0.) (August 15).

Aug 07, 2024

Assembly

August 7 set for first hearing. Placed on suspense file.

Jul 03, 2024

Assembly

Read second time and amended. Re-referred to Com. on APPR.

  • Amendment-Passage
  • Reading-1
  • Reading-2
  • Referral-Committee
Com. on APPR.

Jul 02, 2024

Assembly

From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 6. Noes 0.) (July 1).

Jul 01, 2024

Assembly

July 1 set for first hearing. Placed on REV. & TAX. suspense file.

Jun 24, 2024

Assembly

Re-referred to Com. on REV. & TAX. pursuant to Assembly Rule 96.

  • Referral-Committee
Com. on REV. & TAX. pursuant to Assembly Rule 96.

Feb 05, 2024

Assembly

From committee with author's amendments. Read second time and amended. Re-referred to Com. on APPR.

  • Amendment-Passage
  • Committee-Passage
  • Reading-1
  • Reading-2
  • Referral-Committee
Com. on APPR.

Jul 12, 2023

Assembly

Read second time and amended. Re-referred to Com. on APPR.

  • Amendment-Passage
  • Reading-1
  • Reading-2
  • Referral-Committee
Com. on APPR.

Jul 11, 2023

Assembly

From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 10. Noes 0.) (July 10).

Jul 10, 2023

Assembly

July 10 set for first hearing. Placed on REV. & TAX. suspense file.

Jun 26, 2023

Assembly

June 26 hearing postponed by committee.

Jun 08, 2023

Assembly

Referred to Com. on REV. & TAX.

  • Referral-Committee
Com. on REV. & TAX.

May 25, 2023

Assembly

In Assembly. Read first time. Held at Desk.

Senate

Read third time. Urgency clause adopted. Passed. (Ayes 40. Noes 0. Page 1301.) Ordered to the Assembly.

May 23, 2023

Senate

Ordered to special consent calendar.

May 18, 2023

Senate

Read second time. Ordered to third reading.

Senate

From committee: Do pass. (Ayes 7. Noes 0. Page 1174.) (May 18).

May 12, 2023

Senate

Set for hearing May 18.

Apr 17, 2023

Senate

April 17 hearing: Placed on APPR suspense file.

Apr 10, 2023

Senate

Set for hearing April 17.

Mar 30, 2023

Senate

Read second time and amended. Re-referred to Com. on APPR.

  • Amendment-Passage
  • Reading-1
  • Reading-2
  • Referral-Committee
Com. on APPR.

Mar 29, 2023

Senate

From committee: Do pass as amended and re-refer to Com. on APPR with recommendation: To consent calendar. (Ayes 8. Noes 0. Page 573.) (March 29).

Mar 20, 2023

Senate

From committee with author's amendments. Read second time and amended. Re-referred to Com. on GOV. & F.

  • Amendment-Passage
  • Committee-Passage
  • Reading-1
  • Reading-2
  • Referral-Committee
Com. on GOV. & F.

Mar 14, 2023

Senate

Set for hearing March 29.

Feb 22, 2023

Senate

Referred to Com. on GOV. & F.

  • Referral-Committee
Com. on GOV. & F.

Feb 16, 2023

Senate

From printer. May be acted upon on or after March 18.

Feb 15, 2023

Senate

Introduced. Read first time. To Com. on RLS. for assignment. To print.

Bill Text

Bill Text Versions Format
SB542 HTML
02/15/23 - Introduced PDF
03/20/23 - Amended Senate PDF
03/30/23 - Amended Senate PDF
07/12/23 - Amended Assembly PDF
02/05/24 - Amended Assembly PDF
07/03/24 - Amended Assembly PDF
08/30/24 - Enrolled PDF

Related Documents

Document Format
03/24/23- Senate Governance and Finance PDF
04/16/23- Senate Appropriations PDF
05/20/23- Sen. Floor Analyses PDF
07/07/23- Assembly Revenue and Taxation PDF
06/28/24- Assembly Revenue and Taxation PDF
08/05/24- Assembly Appropriations PDF
08/19/24- ASSEMBLY FLOOR ANALYSIS PDF
08/27/24- Sen. Floor Analyses PDF
10/10/24- Sen. Floor Analyses PDF

Sources

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