SB 268: Income taxes: gross income exclusions: state of emergency: natural disaster settlements.

This bill provides an exclusion from gross income for amounts received from a settlement entity to replace damaged or destroyed property in California due to a disaster or accidental event. The exclusion applies to taxable years beginning on or after January 1, 2025, and before January 1, 2030. The bill requires specific goals, purposes, and objectives, detailed performance indicators, and data collection requirements for new tax expenditures. It also takes effect immediately as a tax levy.