Two New Laws Exclude Wildfire Payouts From California Income Tax

Property owners can exclude payments from state income tax for losses due to recent wildfires tied to Pacific Gas and Electric Co. and Southern California Edison under two bills signed by Gov. Gavin Newsom (D) Thursday.

In a signing message for both bills, Newsom said he approved the bills even though the $200 million revenue loss isn’t included in the current state budget, breaking from his vetoes of several bills because their costs weren’t part of the budget. Newsom said the bills are “a righteous policy” that will provide wildfire victims with the full value of settlements ...