[californiadisasters] Wolk/Dodd earthquake bill passes state senate

Wolk/Dodd earthquake bill passes state senate

April 09, 2015 3:33 pm 

SACRAMENTO -- Legislation by Sen. Lois Wolk, D-Davis, and Assemblymember Bill Dodd, D-Napa, to aid residents and businesses affected by the South Napa earthquake last August passed off the Senate Floor on Thursday with unanimous bipartisan support.

The bill now moves on to the Assembly, the legislators reported.

Senate Bill 35 extends excess disaster loss provisions to the losses sustained in Napa, Solano, and Sonoma counties, which will allow individual and corporate taxpayers to amend their previous year's return to claim those losses and generate a refund in the current year.

The Legislature has amended the Revenue and Taxation Code numerous times for past disasters to allow for excess disaster losses for both the Personal Income Tax Law and the Corporation Tax Law, Wolk said in a news release.

Source: http://napavalleyregister.com/news/local/article_14d780fa-5c89-5cb2-bf69-5919f77ac24b.html#.VShclj-1t4Q.twitter

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Posted by: Kim Noyes <kimnoyes@gmail.com>

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