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AB-1973 Personal Income Tax Law: Corporation Tax Law: Bobcat Fire: exclusions.(2023-2024)

Senate
Assembly
1st
Cmt
2nd
3rd
Pass
1st
Cmt
2nd
3rd
Pass
Pass
Veto
Senate
Assembly
1st
Cmt
2nd
3rd
Pass
1st
Cmt
2nd
3rd
Pass
Pass
Veto

Bill Status
AB-1973
Lackey (A)
-
Quirk-Silva (A) , Rendon (A)
Personal Income Tax Law: Corporation Tax Law: Bobcat Fire: exclusions.
03/01/24
An act to add and repeal Sections 17139.1 and 24309.9 of the Revenue and Taxation Code, relating to taxation, and declaring the urgency thereof, to take effect immediately.
Assembly
08/31/24
04/18/24

Type of Measure
Inactive Bill - Vetoed
Two Thirds Vote Required
Non-Appropriation
Fiscal Committee
Non-State-Mandated Local Program
Urgency
Non-Tax levy
Last 5 History Actions
Date Action
09/29/24 Vetoed by Governor.
09/10/24 Enrolled and presented to the Governor at 4:30 p.m.
08/28/24 In Assembly. Ordered to Engrossing and Enrolling.
08/28/24 Read third time. Urgency clause adopted. Passed. Ordered to the Assembly. (Ayes 39. Noes 0.).
08/23/24 Ordered to special consent calendar.
Governor's Message
To the Members of the California State Assembly:

I am returning Assembly Bill 1973 and Senate Bill 542 without my signature.
These bills would enact personal income and corporation tax exclusions for settlement payments related to specific wildfires occurring between 2020 and 2022.
I wholeheartedly support the intent of these bills. In 2022, I signed legislation that provided similar tax exclusions for settlement claims resulting from catastrophic wildfires that occurred in the preceding five years. In signing those bills, I stated future measures, like these bills, should be included as part of the annual budget process given the General Fund implications. The following year, the Legislature enacted an income tax exclusion for an additional wildfire in the 2023-24 Budget Act. As such, I strongly encourage the Legislature to include these proposals in next year's budget framework.

In partnership with the Legislature this year, my Administration has enacted a balanced budget that avoids deep program cuts to vital services and protected investments in education, health care, climate, public safety, housing, and social service programs that millions of Californians rely on. It is important to remain disciplined when considering bills with significant fiscal implications that are not included in the budget, such as this measure.

For this reason, I cannot sign these bills.

Sincerely, 




Gavin Newsom