Income taxes: deduction: disaster losses.

The Personal Income Tax Law and the Corporation Tax Law, in conformity or modified conformity with federal income tax laws, allows various deductions in computing the income that is subject to the taxes imposed by those laws, including a deduction, for taxable years beginning on or after January 1, 2014, and before January 1, 2024, for disaster losses in any city, county, or city and county that is proclaimed by the Governor to be in a state of emergency, as specified. Existing law additionally provides that any law that suspends, defers, reduces, or otherwise diminishes the deduction of a net operating loss, other than those variations already imposed in existing law, shall not apply to a net operating loss attributable to these specified disaster losses. This bill would extend the deduction for disaster losses, as described above, to taxable years beginning before January 1, 2029, and would extend for those taxable years the provision prohibiting any law that suspends, defers, reduces, or otherwise diminishes the deduction of a net operating loss, as described above, from applying to these specified disaster losses. Existing law requires any bill authorizing a new tax expenditure to contain, among other things, specific goals, purposes, and objectives that the tax expenditure will achieve, detailed performance indicators, and data collection requirements. This bill would also include additional information required for any bill authorizing a new tax expenditure. This bill would take effect immediately as a tax levy.