Budget Bill Ends State Taxation of Settlements Paid for Wildfire Damages
SACRAMENTO, Calif. — After two years of legislative and budget maneuvering, the California Legislature passed a bill last week to waive state income taxes for survivors of wildfire disasters who were paid settlements for their losses by entities found to have started the wildfires, primarily electric utilities.
The bill covers the tax years from Jan. 1, 2021, through Jan. 1, 2030, and covers settlements from any fire…
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