Cal. Rev. & Tax. Code § 17139.2

(a) For taxable years beginning on or after January 1, 2020, and before January 1, 2028, gross income does not include any qualified amount received by a qualified taxpayer.
(b) For purposes of this section:
1. (1) “Qualified amount” means any amount received in settlement by a qualified taxpayer from a settlement entity in connection with the 2019 Kincade Fire.
2. (2) “Qualified taxpayer” means any of the following:
  1. (A) Any taxpayer that owned real property located in the County of Sonoma during the 2019 Kincade Fire who paid or incurred expenses and received amounts from a settlement arising out of or pursuant to the 2019 Kincade Fire.
  2. (B) Any taxpayer that resided within the County of Sonoma during the 2019 Kincade Fire who paid or incurred expenses and received amounts from a settlement arising out of or pursuant to the 2019 Kincade Fire.
  3. (C) Any taxpayer that had a place of business within the County of Sonoma during the 2019 Kincade Fire who paid or incurred expenses and received amounts from a settlement arising out of or pursuant to the Kincade Fire.
3. (3) “Settlement entity” means Pacific Gas and Electric Company or its subsidiary that is making the settlement payment to a qualified taxpayer.
(c) The settlement entity shall provide, upon request by the Franchise Tax Board, documentation of the settlement payments in the form and manner requested by the Franchise Tax Board.
(d)
1. (1) For the purpose of complying with Section 41 in regards to the exclusion provided by this section and Section 24309.6, the Legislature finds and declares that the specific goal, purpose, and objective of the tax exclusion is to provide essential relief to individuals who have suffered injury, loss, inconvenience, and expenses resulting from the devastating 2019 Kincade Fire.
2. (2)
  1. (A) On December 1, 2028, the Legislative Analyst’s Office shall deliver to the Legislature a written report that includes both of the following:
    1. (i) To the extent feasible, the estimated number of qualified taxpayers that excluded qualified amounts from gross income, as those terms are used in this section and Section 24309.6, as a result of the exclusion.
    2. (ii) The estimated aggregate amount of those settlement payments arising out of the 2019 Kincade Fire.
  2. (B) The report required by this paragraph shall be delivered to the Legislature in compliance with Section 9795 of the Government Code.
(e) This section shall remain in effect only until December 1, 2028, and as of that date is repealed.