Bill Text: CA AB922 | 2013-2014 | Regular Session | Enrolled

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Income taxes: deductions: disaster relief: County of San

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2014-09-16 - Chaptered by Secretary of State - Chapter 352, Statutes of 2014. [AB922 Detail]

Download: California-2013-AB922-Enrolled.html

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BILL NUMBER: AB 922	ENROLLED
	BILL TEXT

	PASSED THE SENATE  AUGUST 11, 2014
	PASSED THE ASSEMBLY  AUGUST 28, 2014
	AMENDED IN SENATE  JUNE 25, 2014
	AMENDED IN SENATE  MAY 29, 2014
	AMENDED IN SENATE  JULY 3, 2013
	AMENDED IN ASSEMBLY  MAY 24, 2013
	AMENDED IN ASSEMBLY  MAY 8, 2013
	AMENDED IN ASSEMBLY  APRIL 24, 2013
	AMENDED IN ASSEMBLY  APRIL 16, 2013

INTRODUCED BY   Assembly Member Maienschein

                        FEBRUARY 22, 2013

   An act to add Sections 17207.13 and 24347.13 to the Revenue and
Taxation Code, relating to taxation, to take effect immediately, tax
levy.



	LEGISLATIVE COUNSEL'S DIGEST


   AB 922, Maienschein. Income taxes: deductions: disaster relief:
County of San Diego.
   The Personal Income Tax Law and the Corporation Tax Law provide
for a deduction and the carryover to specified taxable years of
specified losses sustained as a result of certain disasters occurring
in California in an area determined by the President of the United
States to warrant specified federal assistance or proclaimed by the
Governor to be in a state of emergency. Those laws further allow a
taxpayer to elect to deduct those disaster losses on the return for
the taxable year preceding the taxable year in which the disaster
occurred.
   This bill would extend these provisions to losses sustained in the
County of San Diego as a result of the wildfires that occurred in
May 2014 for which the Governor proclaimed a state of emergency.
   This bill would make a legislative finding and declaration
relating to the statewide public purpose served by the bill.
   This bill would take effect immediately as a tax levy.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  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.