Today's Law As Amended

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AB-2434 Income taxes: exclusion.(2013-2014)



SECTION 1.

 Section 17138.2 is added to the Revenue and Taxation Code, to read:

17138.2.
 (a) For taxable years beginning on or after January 1, 2014, and before January 1, 2019, gross income does not include any amount received as a rebate, voucher, or other financial incentive issued by a local water agency or supplier for participation in a turf removal water conservation program.
(b) This section shall remain in effect only until December 1, 2019, and as of that date is repealed.

SEC. 2.

 Section 24308.2 is added to the Revenue and Taxation Code, to read:

24308.2.
 (a) For taxable years beginning on or after January 1, 2014, and before January 1, 2019, gross income does not include any amount received as a rebate, voucher, or other financial incentive issued by a local water agency or supplier for participation in a turf removal water conservation program.
(b) This section shall remain in effect only until December 1, 2019, and as of that date is repealed.
SEC. 3.
 This act provides for a tax levy within the meaning of Article IV of the Constitution and shall go into immediate effect.