LEGISLATIVE COUNSEL'S DIGEST
AB 1944, Assembly Member Jones. Personal Income Tax Law: gross income exclusion: Olympic and Paralympic Games.
The Personal Income Tax Law provides for various exclusions from gross income, including a reward from a crime hotline.
This bill, for taxable years beginning on or after January 1, 2016, and before January 1, 2021, also would exclude from gross income the value of any medal given by the International Olympic Committee or the International Paralympic Committee, and any prize money or honoraria received from the United States Olympic Committee, on account of either the Olympic Games or the Paralympic Games.
This bill would take effect immediately as a tax levy.
Vote Required: majority Appropriation: no Fiscal Committee: yes Local Program: no