BILL NUMBER: AB 2434	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Gomez

                        FEBRUARY 21, 2014

   An act to add Sections 17138.2 and 24308.2 to the Revenue and
Taxation Code, relating to taxation, to take effect immediately, tax
levy.



	LEGISLATIVE COUNSEL'S DIGEST


   AB 2434, as introduced, Gomez. Income taxes: exclusion.
   The Personal Income Tax Law provides an exclusion from gross
income for any amount received as a rebate from a local water agency
or supplier for the purchase of a water conservation water closet,
energy efficient clothes washers, and plumbing devices, as specified.
The Corporation Tax Law provides 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 expense incurred by a
taxpayer for the purchase or installation of a thermal system, solar
system, wind energy device that produces electricity, or a fuel cell
generating system.
   This bill would, under both of these laws, provide an exclusion
from gross income any amount received as a rebate, voucher, or other
financial incentive issued by a local water or energy agency or
supplier for expenses incurred to participate in a water or energy
conservation program.
   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 17138.2 is added to the Revenue and Taxation
Code, to read:
   17138.2.  Gross income does not include any amount received as a
rebate, voucher, or other financial incentive issued by a local water
or energy agency or supplier for expenses incurred to participate in
a water or energy conservation program.
  SEC. 2.  Section 24308.2 is added to the Revenue and Taxation Code,
to read:
   24308.2.  Gross income does not include any amount received as a
rebate, voucher, or other financial incentive issued by a local water
or energy agency or supplier for expenses incurred to participate in
a water or energy conservation program.
  SEC. 3.  This act provides for a tax levy within the meaning of
Article IV of the Constitution and shall go into immediate effect.