Amended in Senate June 26, 2014

Amended in Assembly May 15, 2014

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

(Coauthors: Assembly Members Bigelow, Dahle, Donnelly, begin delete and end delete Hagman begin insert , and Yamada end insert )

(Coauthors: Senators Cannella and Huff)

February 21, 2014

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 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 would, for taxable years beginning on or after January 1, 2014, and begin delete on or before December 31, 2021, end delete begin insert before January 1, 2022, end insert 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 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, 2014, and begin delete on or before December 31, 2021, end delete begin insert before January 1,
2022, end insert 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.

begin delete

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

end delete begin delete

(c)

end delete

begin insert (b) end insert  This section shall remain in effect only until begin delete January 1, end delete
begin insert December 1, end insert 2022, and as of that date is repealed, unless a later
enacted statute, that is enacted before begin delete January 1, end delete begin insert December 1, end insert
2022, deletes or extends that date.

SEC. 2.  

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