Loading chat...

CA AB922

Bill

Official Source

Status

Passed

9/16/2014

Primary Sponsor

Brian Maienschein

Click for details

Origin

State Assembly

2013-2014 Session

AI Summary

  • Extends Personal Income Tax Law and Corporation Tax Law disaster loss deduction provisions to losses sustained in San Diego County from wildfires occurring in May 2014
  • Allows taxpayers to elect to deduct disaster losses on the tax return for the year preceding the year the disaster occurred, consistent with Internal Revenue Code Section 165(i)
  • Permits elections to be made on returns or amended returns filed by the due date (including extensions) for the taxable year in which the disaster occurred
  • Prohibits laws that suspend, defer, reduce, or diminish net operating loss deductions from applying to losses attributable to the San Diego wildfires
  • Takes effect immediately as a tax levy; enacted September 16, 2014 following Governor approval

Legislative Description

Income taxes: deductions: disaster relief: County of San

Last Action

Chaptered by Secretary of State - Chapter 352, Statutes of 2014.

9/16/2014

Committee Referrals

Revenue and Taxation8/14/2014
Appropriations6/24/2014
Governance and Finance6/5/2014
Rules6/2/2014
Energy, Utilities and Communications6/13/2013
Rules5/29/2013
Appropriations5/7/2013
Utilities and Commerce3/7/2013

Full Bill Text

No bill text available