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AB-1728 Gross income exclusion: reparations.(1999-2000)



Current Version: 09/27/00 - Chaptered

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AB1728:v95#DOCUMENT

Assembly Bill No. 1728
CHAPTER 685

An act to add Section 17155.5 to the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy.

[ Filed with Secretary of State  September 27, 2000. Approved by Governor  September 25, 2000. ]

LEGISLATIVE COUNSEL'S DIGEST


AB 1728, Schiff. Gross income exclusion: reparations.
The Personal Income Tax Law allows various exclusions in computing the income that is subject to the taxes imposed by that law, including an exclusion for any amount received as compensation by a taxpayer pursuant to the German Act Regulating Unresolved Property Claims and any amount received by a taxpayer who is a Holocaust victim or the heir or beneficiary of a Holocaust victim as a result of a settlement of claims for any recovered asset.
This bill would additionally exempt any amounts received from the German Foundation known as Remembrance, Responsibility, and the Future, or any other source of humanitarian reparations made as reparations to persons who were required to perform slave or forced labor during World War II.
This bill would take effect immediately as a tax levy.

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


SECTION 1.

 Section 17155.5 is added to the Revenue and Taxation Code, to read:

17155.5.
 Gross income does not include any amount received as reparation payments paid by the German Foundation known as Remembrance, Responsibility, and the Future, or any other source of humanitarian reparations made for purposes of redressing the injustice done to persons who were required to perform slave or forced labor during World War II.

SEC. 2.

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