Senate Bill 1009 Summary

• Amends the Income Tax Act of 1967 to allow taxpayers to deduct losses sustained during the tax year from theft that are not compensated by insurance or otherwise, effective for tax years beginning after December 31, 2005.

• Establishes that theft losses are treated as sustained during the tax year in which the taxpayer discovers the loss, rather than when the theft occurred.

• Makes this deduction available to individuals calculating taxable income under section 30 of the income tax law.