Personal income taxes: credits: qualified disaster area.

Existing law, the Personal Income Tax law, allows various credits against the taxes imposed by that law. This bill would allow a credit against that tax for each taxable year beginning on or after January 1, 2019, and before January 1, 2020, in an amount equal to 50% of the amount paid or incurred, not to exceed $1,000, for losses sustained by a taxpayer and not compensated for by insurance or otherwise that occurred in a qualified disaster area, as defined. This bill would take effect immediately as a tax levy.