BILL NUMBER: AB 2323	AMENDED
	BILL TEXT

	AMENDED IN ASSEMBLY  MARCH 27, 2014
	AMENDED IN ASSEMBLY  MARCH 20, 2014

INTRODUCED BY   Assembly Member Gorell

                        FEBRUARY 21, 2014

   An act to add Section 17132.10 to the Revenue and Taxation Code,
relating to taxation, to take effect immediately, tax levy.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 2323, as amended, Gorell. Personal Income Tax Law: gross income
exclusion: Olympic  and Paralympic  games.
   The Personal Income Tax Law provides for various exclusions from
gross income.
   This bill would also exclude from gross income the value of any
prize or award given to a taxpayer by 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.
State-mandated 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) Gross income shall not include the value of any
award given by, or any prize money received from, the United States
Olympic Committee on account of the Olympic games  or the
Paralympic games  .
   (b) The section shall apply to awards and prize money received on
or after January 1, 2014.
  SEC. 2.  This act provides for a tax levy within the meaning of
Article IV of the Constitution and shall go into immediate effect.