California Revenue and Taxation Code

§ 24312

RTC § 24312 Effective Sep 29, 2022Div. 2 · Part 11 · Ch. 6 · Art. 2

Statute text

(a)Gross income does not include any of the following grant allocations:

(1)For taxable years beginning on or after January 1, 2020, and before January 1, 2030, grant allocations received by a taxpayer pursuant to the COVID-19 Relief Grant that is administered by the Office of Small Business Advocate, is funded by Executive Order No. E 20/21-182, and is described in a letter from the Department of Finance to the Joint Legislative Budget Committee, dated December 17, 2020, entitled, “Disaster Response-Emergency Operations Account Request—Increased Funding for the California Rebuilding Fund and Funding to Support a New COVID-19 Relief Grant for Small Businesses.”

(2)For taxable years beginning on or after January 1, 2020, and before January 1, 2030, grant allocations received by a taxpayer pursuant to the California Small Business COVID-19 Relief Grant Program established by Section 12100.83 of the Government Code.

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Legislative history

Amended by Stats. 2022, Ch. 736, Sec. 6. (AB 152) Effective September 29, 2022. Repealed as of December 1, 2030, by its own provisions.