California State Controller Sets Date to Stop Issuing IOU’s

State Controller John Chiang has announced that after his stress test of the Department of Finance’s cash projections, the state should be able to stop issuing IOU’s on September 4, 2009.

A complete copy of the State’s press allowance can be found here.

Filed under: California

California –Corporate, Personal Income Taxes: Tax Relief Available to Santa Cruz County Wildfire Victims

The California Franchise Tax Board (FTB) has announced special corporation franchise and income and personal income tax relief available to California taxpayers affected by the recent wildfires in Santa Cruz County. Taxpayers that have lost homes or suffered property damages as a result of the fires can quickly get some financial relief by immediately claiming their disaster losses on their tax returns.

The Franchise Tax Board has instructed that taxpayers claiming the disaster losses should write "California Wildfires 2009" in red ink at the top of their tax returns to alert the FTB to expedite tax refunds. Original and amended return forms for the 2008 tax year are available on the FTB’s Web site at http://www.ftb.ca.gov.

Taxpayers needing copies of lost or damaged state returns should complete Form FTB 3516, Request for Copy of Tax Return, and print "California Wildfires 2009" in red ink at the top of the request. Disaster victims can receive copies of their tax returns for free.

Filed under: California, Tax