Californians who have been impacted by wildfires could soon receive tax breaks on settlement payouts. Two bills being considered would change the existing tax code. Republican Senator Scott Wilk’s bill would exempt all taxes on wildfire-related settlement. The California legislature has previously approved tax breaks for some, but not all wildfire settlements.
Another measure by Republican Brian Dahle calls for exemptions for any natural disaster, not just fire, if a state of emergency is declared by both federal and state governments.
