Tax News

CCH (cch.taxgroup.com) reports:

In four separate measures, corporate income, personal income, and property tax relief has been extended to California taxpayers affected by specific natural disasters occurring between September 2006 and July 2007. Generally, the legislation applies to losses and damages sustained in
-- the counties of Riverside and Ventura as a result of wildfires that occurred during the 2006 calendar year;
-- the counties of El Dorado, Fresno, Imperial, Kern, Kings, Madera, Merced, Monterey, Riverside, Sand Bernardino, San Diego, San Luis Obispo, Santa Barbara, Santa Clara, Stanislaus, Tulare, Venture, and Yuba that were the subject of a proclamation by the Governor of a state of emergency for freezing conditions that occurred in January 2007;
-- the county of El Dorado as a result of June 2007 wildfires; and
-- the counties of Santa Barbara and Ventura as a result of the Zaca Fire during the 2007 calendar year.
For corporate and personal income taxes, excess disaster losses arising from the 2006-2007 disasters can be carried over to other taxable years. The carryover provisions themselves were not amended.