Politics.AIAssembly BillFailedRevenue and Taxation
AB 376: Personal Income Tax Law: Corporation Tax Law: wildfires: exclusions.
What AB 376 does, verified February 3, 2026
The bill provides an exclusion from personal income tax for qualified insurance proceeds received by taxpayers. Qualified insurance proceeds are amounts received under a homeowner's or renter's insurance policy for damages or expenses resulting from a fire in an area declared a state of emergency by the governor. This exclusion applies to taxable years beginning on or after January 1, 2025, and before January 1, 2030. The bill includes additional information requirements for new tax expenditures, and it takes effect immediately as a tax levy.
Bill journey
✓IntroducedComplete
2In CommitteeCurrent
3First Chamber FloorPending
4Second ChamberPending
5GovernorPending
6ChapteredPending
Last action: From committee: Filed with the Chief Clerk pursuant to Joint Rule 56. (2026-02-02)Alert me
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| Feb. 02, 2026 | From committee: Filed with the Chief Clerk pursuant to Joint Rule 56. |
| Jan. 31, 2026 | Died pursuant to Art. IV, Sec. 10(c) of the Constitution. |
| Apr. 28, 2025 | In committee: Held under submission. |
| Apr. 28, 2025 | In committee: Set, second hearing. Referred to REV. & TAX. suspense file. |
| Apr. 22, 2025 | Re-referred to Com. on REV. & TAX. |