AB 2323, as amended, Gorell. Personal Income Tax Law: gross income exclusion: Olympic and Paralympic games.
The Personal Income Tax Law provides for various exclusions from gross income.
This bill wouldbegin insert, for taxable years beginning on or after January 1, 2014, and on or before December 31, 2021,end insert also exclude from gross income the value of anybegin delete prize or award given to a taxpayer byend deletebegin insert medal given by the International Olympic Committee, and any prize money or honoraria received fromend insert the United States Olympic Committeebegin insert,end insert 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) begin deleteGross end deletebegin insertFor taxable years beginning on or after
4January 1, 2014, and on or before December 31, 2021, gross end insert
5income shall not include the value of anybegin delete award given by, orend deletebegin insert medal
6given by the International Olympic Committee, andend insert any prize
7moneybegin insert
or honorariaend insert receivedbegin delete from,end deletebegin insert fromend insert the United States Olympic
8Committeebegin insert,end insert on account of the Olympic games or the Paralympic
9games.
10(b) The section shall apply tobegin delete awards and prize moneyend deletebegin insert medals,
11prize money, and honorariaend insert received on or after January 1, 2014.
12(c) This section shall remain in effect only until January 1, 2022,
13and as of that date is repealed, unless a later enacted statute, that
14is enacted before January 1, 2022, deletes or extends that date.
This act provides for a tax levy within the meaning of
16Article IV of the Constitution and shall go into immediate effect.
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