AB 2336: Personal Income Tax Law: exclusions from income: retirement: overtime.

The bill proposes to exclude from income the first $25,000 of overtime pay received by a taxpayer during a taxable year, and the first $25,000 received as proceeds from a defined benefit plan. These exclusions would apply for taxable years beginning on or after January 1, 2026, and before January 1, 2031. The bill also includes additional requirements for new tax expenditures, such as specific goals and data collection. The bill would take effect immediately as a tax levy.