Governor Gets Bill on Quake Tax Break
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A bill that would give earthquake victims a big tax break has passed the state Legislature and now goes to the governor.
The bill, SB 561, would allow victims of the Jan. 17 temblor to deduct all uninsured losses exceeding $100 on their state income taxes.
Supporters say the bill would provide tax relief to thousands of Southern Californians who are struggling to repair or rebuild homes damaged by last January’s disaster.
State Sen. Herschel Rosenthal (D-Los Angeles), the bill’s sponsor, stressed that it is important that California’s congressional delegation work to enact the federal companion bill.
The federal bill would allow quake victims to deduct all uninsured losses on their federal income taxes and individuals could choose to take the deduction in either the 1993 or 1994 tax year.
Jesus Arredondo , a spokesman for the governor’s office, said that the governor is reviewing the bill. Wilson has until Sept. 30 to decide whether or not to sign it.
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