AB 1944 - Assembly Bill INTRODUCED
Bill Number: AB 1944 INTRODUCED
Introduced by: Assembly Member Jones
Date: February 12, 2016
An act to add and repeal Section 17132.10 of the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy.
Legislative Counsel's Digest
AB 1944, introduced by Jones, is about excluding the value of medals from the International Olympic Committee and prize money or honoraria from the United States Olympic Committee related to the Olympic or Paralympic Games from gross income for taxable years between 2016 and 2025.
This bill will take effect immediately as a tax levy.
Vote: majority
Appropriation: no
Fiscal committee: yes
State-mandated local program: no
The People of the State of California do enact as follows:
Section 1: Section 17132.10 is added to the Revenue and Taxation Code to exclude the value of medals and prize money from gross income related to the Olympic or Paralympic Games for taxable years between 2016 and 2025.
Section 2: This act provides for a tax levy and shall go into immediate effect.