Assembly Bill 1X (Cardoza), as enacted on, August 25, 1997, made the following changes to California law:
SUBJECT: Disaster Loss Deduction/1996 Or 1997 Storms Or Flooding
Sections 17207 and 24347.5 of the Revenue and Taxation Code are amended.
Under the Personal Income Tax Law (PITL) and the Bank and Corporation Tax Law (B&CTL), this act allows special disaster treatment of losses sustained as a result of storms or flooding or any other related casualty that occurred during December 1996 or January 1997 in any county in this state that was declared a disaster.
This special disaster treatment of losses applies to the taxable or income year of the loss, which may be 1996 or 1997, depending on when the loss actually occurred and whether the taxpayer is a fiscal or calendar year filer.
This act does not require any reports by the department to the Legislature.