Today's Law As Amended


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AB-1944 Personal Income Tax Law: gross income exclusion: Olympic and Paralympic Games.(2015-2016)



As Amends the Law Today


SECTION 1.

 Section 17132.10 is added to the Revenue and Taxation Code, to read:

17132.10.
 (a) For taxable years beginning on or after January 1, 2016, and before January 1, 2021, gross income shall not include the value of any medal given by the International Olympic Committee or the International Paralympic Committee, and any prize money or honoraria received from the United States Olympic Committee, on account of the Olympic Games or the Paralympic Games.
(b) This section shall remain in effect only until December 1, 2021, and as of that date is repealed.
SEC. 2.
  This act provides for a tax levy within the meaning of Article IV of the Constitution and shall go into immediate effect.