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



Current Version: 06/13/16 - Amended Senate

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AB1944:v97#DOCUMENT

Amended  IN  Senate  June 13, 2016
Amended  IN  Assembly  May 16, 2016

CALIFORNIA LEGISLATURE— 2015–2016 REGULAR SESSION

Assembly Bill
No. 1944

Introduced by Assembly Member Jones
(Coauthors: Assembly Members Travis Allen, Dababneh, Harper, Lackey, Mathis, and Steinorth)
(Coauthors: Senators Bates, Berryhill, and Huff)

February 12, 2016

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 1944, as amended, Jones. Personal Income Tax Law: gross income exclusion: Olympic and Paralympic Games.
The Personal Income Tax Law provides for various exclusions from gross income, including a reward from a crime hotline.
This bill, for taxable years beginning on or after January 1, 2016, and before January 1, 2021, also would exclude from gross income 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 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, 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(b) This section shall remain in effect only until December 1, 2021, and as of that date is repealed.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.