Bill Text: CA SB66 | 2017-2018 | Regular Session | Amended
Bill Title: Damages: income taxes deduction.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Engrossed - Dead) 2018-06-25 - Re-referred to Com. on RLS. pursuant to Assembly Rule 96. [SB66 Detail]
Download: California-2017-SB66-Amended.html
Amended
IN
Assembly
June 18, 2018 |
Senate Bill | No. 66 |
Introduced by Senator Wieckowski |
January 05, 2017 |
LEGISLATIVE COUNSEL'S DIGEST
This bill would include a change in state statute that would result in a taxpayer paying a higher tax within the meaning of Section 3 of Article XIII A of the California Constitution, and thus would require for passage the approval of
This bill would take effect immediately as a tax levy.
Digest Key
Vote:Bill Text
The people of the State of California do enact as follows:
SECTION 1.
Section 3294 of the Civil Code is amended to read:3294.
(a) In an action for the breach of an obligation not arising from contract, where it is proven by clear and convincing evidence that the defendant has been guilty of oppression, fraud, or malice, the plaintiff, in addition to the actual damages, may recover damages for the sake of example and by way of punishing the defendant.(e)
For taxable years beginning on or after January 1, 2018, a deduction shall not be allowed for any amount paid or incurred for punitive damages in connection with any judgment in, or settlement of, any action.
For taxable years beginning on or after January 1, 2018, a deduction shall not be allowed for any amount paid or incurred for punitive damages in connection with any judgment in, or settlement of, any action.
This act provides for a tax levy within the meaning of Article IV of the California Constitution and shall go into immediate effect.