BILL NUMBER: AB 2323	AMENDED
	BILL TEXT

	AMENDED IN ASSEMBLY  MAY 15, 2014
	AMENDED IN ASSEMBLY  MARCH 27, 2014
	AMENDED IN ASSEMBLY  MARCH 20, 2014

INTRODUCED BY   Assembly Member Gorell
    (   Coauthors:   Assembly Members 
 Bigelow,   Dahle,   Donnelly,   and
Hagman   ) 
    (   Coauthors:   Senators  
Cannella   and Huff   ) 

                        FEBRUARY 21, 2014

   An act to add  and repeal  Section 17132.10  to
  of  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  , for taxable years beginning on or after
January 1, 2014, and on or before December 31, 2021,  also
exclude from gross income the value of any  prize or award
given to a taxpayer by   medal given by the
International Olympic 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.
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   For taxable years
beginning on or after January 1, 2014, and on or before December 31,
2021, gross  income shall not include the value of any 
award given by, or   medal given by the International
Olympic Committee, and  any prize money  or honoraria 
received  from,   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
  medals, prize money, and honoraria  received on
or after January 1, 2014. 
   (c) This section shall remain in effect only until January 1,
2022, and as of that date is repealed, unless a later enacted
statute, that is enacted before January 1, 2022, deletes or extends
that date. 
  SEC. 2.  This act provides for a tax levy within the meaning of
Article IV of the Constitution and shall go into immediate effect.