AB 1944, as introduced, Jones. Personal Income Tax Law: gross income exclusion: Olympic and Paralympic Games.
The Personal Income Tax Law provides for various exclusions from gross income, including a reward from a crime hotline.
This bill would, for taxable years beginning on or after January 1, 2016, and before January 1, 2025, also exclude from gross income the value of any 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 17132.10 is added to the Revenue and
2Taxation Code, to read:
(a) For taxable years beginning on or after January
41, 2016, and before January 1, 2025, gross income shall not include
5the value of any medal given by the International Olympic
P2 1Committee, and any prize money or honoraria received from the
2United States Olympic Committee, on account of the Olympic
3Games or the Paralympic Games.
4(b) This section shall remain in effect only until December 1,
52025, and as of that date is repealed, unless a later enacted statute,
6that is enacted before December 1, 2025, deletes or extends that
7date.
This act provides for a tax levy within the meaning
9of Article IV of the Constitution and shall go into immediate effect.
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