BILL NUMBER: AB 1944	AMENDED
	BILL TEXT

	AMENDED IN ASSEMBLY  MAY 16, 2016

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.
   This  bill would,   bill,  for taxable
years beginning on or after January 1, 2016, and before January 1,
 2025,   2021,  also  would 
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 1.  Section 17132.10 is added to the Revenue and Taxation
Code, to read:
   17132.10.  (a) For taxable years beginning on or after January 1,
2016, and before January 1,  2025,   2021, 
gross income shall not include 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 the
Olympic Games or the Paralympic Games.
   (b) This section shall remain in effect only until December 1,
 2025,   2021,  and as of that date is
 repealed, unless a later enacted statute, that is enacted
before December 1, 2025, deletes or extends that date.  
repealed. 
  SEC. 2.   This act provides for a tax levy within the meaning of
Article IV of the Constitution and shall go into immediate effect.