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

The bill aims to amend the state's personal income tax and corporation tax laws. It excludes certain wildfire-related settlements from taxation, but limits the exclusion to qualified amounts made in connection with a qualified wildfire disaster. The bill also authorizes the allocation of $10,000 from the general fund to administer these settlements. Additionally, the bill requires a two-thirds majority for passage due to a change in state statute that increases tax liability. The bill takes effect immediately as part of the budget bill.