Today's Law As Amended


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AB-922 Income taxes: deductions: disaster relief: County of San Diego.(2013-2014)



As Amends the Law Today


SECTION 1.

 Section 17207.13 is added to the Revenue and Taxation Code, to read:

17207.13.
 (a) Section 165(i) of the Internal Revenue Code shall be applicable to any losses sustained in the County of San Diego as a result of the wildfires that occurred in May 2014.
(b) For losses described in subdivision (a), the election under Section 165(i) of the Internal Revenue Code may be made on a return or amended return filed on or before the due date of the return, determined with regard to extension, for the taxable year in which the disaster occurred.
(c) Unless specifically provided otherwise, any law that suspends, defers, reduces, or otherwise diminishes the deduction of a net operating loss shall not apply to a net operating loss attributable to the loss described in subdivision (a).

SEC. 2.

 Section 24347.13 is added to the Revenue and Taxation Code, to read:

24347.13.
 (a) Section 165(i) of the Internal Revenue Code shall be applicable to any losses sustained in the County of San Diego as a result of the wildfires that occurred in May 2014.
(b) For losses described in subdivision (a), the election under Section 165(i) of the Internal Revenue Code may be made on a return or amended return filed on or before the due date of the return, determined with regard to extension, for the taxable year in which the disaster occurred.
(c) Unless specifically provided otherwise, any law that suspends, defers, reduces, or otherwise diminishes the deduction of a net operating loss shall not apply to a net operating loss attributable to the loss described in subdivision (a).
SEC. 3.
 The Legislature finds and declares that this act fulfills a statewide public purpose because all of the following:
(a) On May 14, 2014, the Governor of California made a finding that conditions of extreme peril to public health and safety to persons and property exist due to the wildfires occurring in May 2014 in the County of San Diego and proclaimed a state of emergency to exist within that county, thus qualifying affected persons for various forms of governmental assistance and relief.
(b) This act is consistent with, and supplements, the proclaimed disaster assistance and relief by providing necessary tax relief to the affected jurisdiction and persons to allow them to maintain essential basic services and repair damage to, and restore, their homes and businesses.
SEC. 4.
  This act provides for a tax levy within the meaning of Article IV of the Constitution and shall go into immediate effect.