AB 159: Personal Income Tax Law: Corporation Tax Law: exemptions: wildfire.

This bill amends the state's personal income tax law to limit the exclusion from income for amounts received in settlement in connection with a wildfire to qualified amounts made in connection with a qualified wildfire disaster. It aims to prevent taxpayers from claiming excessive settlements as exempt from taxation. The bill also appropriates $10,000 from the general fund to the Franchise Tax Board to administer qualified wildfire disaster settlements. Additionally, the bill requires approval from 2/3 of the membership of each house of the legislature for it to take effect, as it changes the state's tax statute.