California Revenue and Taxation Code

§ 24347.14

RTC § 24347.14 Effective Sep 30, 2023Div. 2 · Part 11 · Ch. 7 · Art. 1

Statute text

(a)For taxable years beginning on or after January 1, 2014, and before January 1, 2029, Section 165(i) of the Internal Revenue Code, relating to disaster losses, shall be applicable to any loss sustained as a result of any disaster occurring in any city, county, or city and county in this state that is proclaimed by the Governor to be in a state of emergency.

(b)(1) For losses described in subdivision (a), the election under Section 165(i) of the Internal Revenue Code, relating to disaster losses, may be made on a return or amended return filed on or before the due date of the return, determined with regard to any extension of time for filing the return, for the taxable year in which the disaster occurred.

(2)Notwithstanding Section 18572, this subdivision shall apply to any loss described in subdivision (a).

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Legislative history

Amended by Stats. 2023, Ch. 285, Sec. 2. (SB 264) Effective September 30, 2023. Repealed as of December 1, 2029, by its own provisions.