Amended in Assembly May 16, 2016

California Legislature—2015–16 Regular Session

Assembly BillNo. 1944


Introduced by Assembly Member Jones

February 12, 2016


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

LEGISLATIVE COUNSEL’S DIGEST

AB 1944, as amended, 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.

Thisbegin delete bill would,end deletebegin insert bill,end insert for taxable years beginning on or after January 1, 2016, and before January 1,begin delete 2025,end deletebegin insert 2021,end insert alsobegin insert wouldend insert 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:

P1    1

SECTION 1.  

Section 17132.10 is added to the Revenue and
2Taxation Code
, to read:

3

17132.10.  

(a) For taxable years beginning on or after January
41, 2016, and before January 1,begin delete 2025,end deletebegin insert 2021,end insert gross income shall not
P2    1include the value of any medal given by the International Olympic
2Committee, and any prize money or honoraria received from the
3United States Olympic Committee, on account of the Olympic
4Games or the Paralympic Games.

5(b) begin delete end deleteThis section shall remain in effect only until December 1,
6begin delete 2025,end deletebegin insert 2021,end insert and as of that date isbegin delete repealed, unless a later enacted
7statute, that is enacted before December 1, 2025, deletes or extends
8that date.end delete
begin insert repealed.end insert

9

SEC. 2.  

This act provides for a tax levy within the meaning
10of Article IV of the Constitution and shall go into immediate effect.



O

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