Bill Text: CA AB2434 | 2013-2014 | Regular Session | Chaptered
Bill Title: Income taxes: exclusion.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2014-09-28 - Chaptered by Secretary of State - Chapter 738, Statutes of 2014. [AB2434 Detail]
Download: California-2013-AB2434-Chaptered.html
BILL NUMBER: AB 2434 CHAPTERED
BILL TEXT
CHAPTER 738
FILED WITH SECRETARY OF STATE SEPTEMBER 28, 2014
APPROVED BY GOVERNOR SEPTEMBER 28, 2014
PASSED THE SENATE AUGUST 28, 2014
PASSED THE ASSEMBLY MAY 27, 2014
AMENDED IN ASSEMBLY MAY 19, 2014
INTRODUCED BY Assembly Member Gomez
FEBRUARY 21, 2014
An act to add and repeal Sections 17138.2 and 24308.2 of the
Revenue and Taxation Code, relating to taxation, to take effect
immediately, tax levy.
LEGISLATIVE COUNSEL'S DIGEST
AB 2434, Gomez. Income taxes: exclusion.
The Personal Income Tax Law provides an exclusion from gross
income for any amount received as a rebate or voucher from a local
water or energy agency or supplier for the purchase or installation
of a water conservation water closet, energy efficient clothes
washers, and plumbing devices, as specified. The Personal Income Tax
Law and the Corporation Tax Law provide an exclusion from gross
income for any rebate, voucher, or other financial incentive issued
by the California Energy Commission, the Public Utility Commission,
or a local publicly owned electric utility for any expenses paid or
incurred by a taxpayer for the purchase or installation of a thermal
system, solar system, wind energy system device that produces
electricity, or a fuel cell generating system.
This bill would, for taxable years beginning on or after January
1, 2014, and before January 1, 2019, under both of these laws,
provide an exclusion from gross income for any amount received as a
rebate, voucher, or other financial incentive issued by a local water
agency or supplier for participation in a turf removal water
conservation program.
This bill would take effect immediately as a tax levy.
THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:
SECTION 1. Section 17138.2 is added to the Revenue and Taxation
Code, to read:
17138.2. (a) For taxable years beginning on or after January 1,
2014, and before January 1, 2019, gross income does not include any
amount received as a rebate, voucher, or other financial incentive
issued by a local water agency or supplier for participation in a
turf removal water conservation program.
(b) This section shall remain in effect only until December 1,
2019, and as of that date is repealed.
SEC. 2. Section 24308.2 is added to the Revenue and Taxation Code,
to read:
24308.2. (a) For taxable years beginning on or after January 1,
2014, and before January 1, 2019, gross income does not include any
amount received as a rebate, voucher, or other financial incentive
issued by a local water agency or supplier for participation in a
turf removal water conservation program.
(b) This section shall remain in effect only until December 1,
2019, and as of that date is repealed.
SEC. 3. This act provides for a tax levy within the meaning of
Article IV of the Constitution and shall go into immediate effect.
