Tax Relief Announced by California Franchise Tax Board

The Franchise Tax Board (FTB) today announced several relief measures for the victims of wildfires in seven Southern California Counties.

The FTB will allow victims to receive additional tax refunds this year by immediately reporting their disaster losses through amended 2006 returns. In addition, the FTB has temporarily suspended mailing billing notices in the seven Southern California counties affected by wildfires.

"The victims of the Southern California fires need to know they can turn to the State for immediate help," said State Controller and FTB Chair John Chiang. "By claiming a disaster loss on last year’s taxes, those who lost their homes or suffered property damages can get additional funds to help them through this tragedy."

Affected taxpayers may also claim the disaster loss on their 2007 tax return that are due to be filed in spring.

The affected counties include Santa Barbara, Ventura, Los Angeles, San Bernardino, Orange, Riverside, and San Diego in the declared state and federal disaster area.

You can review more complete details and tax relief announcements at http://www.exeterco.com/income_tax_relief_for_victims_wild_fires.aspx