Today's Law As Amended


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AB-1786 Personal Income Tax Law: gross income exclusion: Olympics.(2011-2012)



As Amends the Law Today


SECTION 1.

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

17132.10.
 (a) Gross income shall not include the value of any prize or award won by the taxpayer in athletic competition in the Olympic Games.
(b) The section shall apply to prizes and awards received on or after January 1, 2012.
SEC. 2.
 This act provides for a tax levy within the meaning of Article IV of the Constitution and shall go into immediate effect.