Amended in Assembly March 27, 2014

Amended in Assembly March 20, 2014

California Legislature—2013–14 Regular Session

Assembly Bill No. 2323

Introduced by Assembly Member Gorell

February 21, 2014

An act to add Section 17132.10 to 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 begin insert and Paralympic end insert games.

The Personal Income Tax Law provides for various exclusions from gross income.

This bill would also exclude from gross income the value of any prize or award given to a taxpayer by the United States Olympic Committee begin insert on account of either the Olympic games or the Paralympic games end insert .

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 income shall not include the value of any
award given by, or any prize money received from, the United
States Olympic Committee on account of the Olympic games begin insert or
the Paralympic games end insert .

(b) The section shall apply to awards and prize money received
on or after January 1, 2014.

SEC. 2.  

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