(a) For taxable years beginning on or after January 1, 2024, and before January 1, 2029, gross income shall not include any amount received by a qualified taxpayer as a California qualified wildfire loss mitigation payment. (b) For purposes of this section, the following definitions apply: (1) âCalifornia qualified wildfire loss mitigation paymentâ means any amount which is received through the California Wildfire Mitigation Financial Assistance Program under Article 16.5 (commencing with Section 8654.2) of Chapter 7 of Division 1 of Title 2 of the Government Code for the benefit of a residential property owner or occupant with expenses paid, or obligations incurred, for wildfire loss mitigation. (2) âQualified taxpayerâ means a taxpayer that owns the structure for which a California qualified wildfire loss mitigation payment was received. (3) âWildfire loss mitigationâ means an activity that reduces wildfire risks to a residential structure or its contents, or both. (c) This section shall remain in effect only until December 1, 2029, and as of that date is repealed.
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