Rev. & Tax. Code, § 24347.14 · Article 1. Deductions
Rev. & Tax. Code, § 24347.14
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
(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).
(c) Unless specifically provided otherwise, any law, other than Section 24416, that suspends, defers, reduces, or otherwise diminishes the deduction of a net operating loss shall not apply to a net operating loss attributable to the loss described in subdivision (a).
(d) This section shall remain in effect only until December 1, 2029, and as of that date is repealed.
Notes and commentary — not statutory text
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 Repealed as of December 1, 2029, by its own provisions.
Source of truth
- Edition
- As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
- Official file
- https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=RTC§ionNum=24347.14.
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