Thursday, March 11, 2010
The State of California’s Franchise Tax Board (FTB) on March 9 announced special tax relief for California taxpayers affected by the recent severe winter storms that started in January.
The announcement follows the declaration that Calaveras, Imperial, Los Angeles, Riverside, San Bernardino, and Siskiyou are areas that have experienced a major disaster. The federal declaration was a result of a series of winter storms that brought high winds, heavy rainfall, and severe mud and debris flows during the period of January 17 to February 6, 2010.
The disaster declaration allows affected taxpayers to claim disaster losses in the current or prior tax year. Claiming the loss on a 2009 tax return will allow FTB to issue refunds quickly. Taxpayers who have already filed a 2009 tax return can file an amended return to claim their losses.
“California families who suffered property damage can find quick relief through their tax returns,” explained State Controller and FTB Chairman, John Chiang.