SB1602:v97#DOCUMENTBill Start
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Amended
IN
Senate
May 01, 2002
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Amended
IN
Assembly
June 26, 2002
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CALIFORNIA LEGISLATURE—
2001–2002 REGULAR SESSION
Senate Bill
No. 1602
Introduced by
Senator
Oller
(Coauthor(s):
Senator
Johannessen)
(Coauthor(s):
Assembly Member
Aanestad, Alquist, Briggs, Chavez, Harman, Hollingsworth, Leslie, Robert Pacheco, Zettel)
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February 20, 2002 |
An act to add Section 17204.1 to the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy.
LEGISLATIVE COUNSEL'S DIGEST
SB 1602, as amended, Oller.
Income taxes: theft loss.
The Personal Income Tax Law, in conformity with federal income tax law, allows a deduction for theft loss in the taxable year in which the taxpayer discovers that loss.
This bill would, at the option of the taxpayer, allow the loss during the taxable year in which the taxpayer discovers that loss or during the taxable year in which the loss was sustained if not barred by the statute of limitations.
This bill would take effect immediately as a tax levy.
Digest Key
Vote:
MAJORITY
Appropriation:
NO
Fiscal Committee:
YES
Local Program:
NO
Bill Text
The people of the State of California do enact as follows:
SECTION 1.
Section 17204.1 is added to the Revenue and Taxation Code, to read:17204.1.
Section 165(e) of the Internal Revenue Code, relating to theft losses, is modified for purposes of this part to provide that any loss arising from theft shall, at the option of the taxpayer, affect the tax calculation for either of the following:(a) The taxable year in which the taxpayer discovers that loss.
(b) The taxable year in which the loss occurred if occurred, provided that the claim for that loss on the taxpayer’s return is not barred by the applicable statute of limitations.
SEC. 2.
This act provides for a tax levy within the meaning of Article IV of the Constitution and shall go into immediate effect.