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AB-2323 Personal Income Tax Law: gross income exclusion: Olympic and Paralympic games.(2013-2014)

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Amended  IN  Senate  June 26, 2014
Amended  IN  Assembly  May 15, 2014
Amended  IN  Assembly  March 27, 2014
Amended  IN  Assembly  March 20, 2014

CALIFORNIA LEGISLATURE— 2013–2014 REGULAR SESSION

Assembly Bill
No. 2323


Introduced by Assembly Member Gorell
(Coauthors: Assembly Members Bigelow, Dahle, Donnelly, and Hagman, and Yamada)
(Coauthors: Senators Cannella and Huff)

February 21, 2014


An act to add and repeal Section 17132.10 of the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy.


LEGISLATIVE COUNSEL'S DIGEST


AB 2323, as amended, Gorell. Personal Income Tax Law: gross income exclusion: Olympic and Paralympic games.
The Personal Income Tax Law provides for various exclusions from gross income.
This bill would, for taxable years beginning on or after January 1, 2014, and on or before December 31, 2021, before January 1, 2022, also exclude from gross income the value of any medal given by the International Olympic Committee, and any prize money or honoraria received from the United States Olympic Committee, on account of either the Olympic games or the Paralympic games.
This bill would take effect immediately as a tax levy.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: YES   Local Program: NO  

The people of the State of California do enact as follows:


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, 2014, and on or before December 31, 2021, before January 1, 2022, gross income shall not include the value of any medal given by the International Olympic 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)The section shall apply to medals, prize money, and honoraria received on or after January 1, 2014.

(c)

(b) This section shall remain in effect only until January 1, December 1, 2022, and as of that date is repealed, unless a later enacted statute, that is enacted before January 1, December 1, 2022, deletes or extends that date.

SEC. 2.

 This act provides for a tax levy within the meaning of Article IV of the Constitution and shall go into immediate effect.