SACRAMENTO >> Legislation to help businesses financially recover from disasters unanimously passed the Assembly Floor this week. The bill, authored by Assemblymember Bill Dodd (D-Napa) and Senator Mike McGuire (D-Healdsburg), will provide tax relief by allowing impacted businesses to defer tax payments without additional costs.
The idea for the bill was brought forward by Board of Equalization Chairwoman Fiona Ma in the aftermath of the Valley Fire.
If passed into law, the bill, AB 1559, will take immediate effect statewide. Under this legislation, future natural and economic disasters would be eligible for filing extensions three times greater than what is allowable under current law.
“When residents and businesses are impacted by disasters, the state needs to step up to help them recover,” Dodd said. “Giving these businesses additional time and flexibility in their tax deadlines, without fear of additional fees or penalties, is a common sense approach that can help ease the recovery process.”
Small businesses continue to struggle with recovery in the aftermath of the Valley Fire. A few, such as Mutt & Jess in Cobb, closed their doors. And the issues extends beyond Lake County.
“The 2015 fire season was a devastating tragedy for so many communities, especially those affected by the Butte and Valley fires, and AB 1559 by Assemblymember Dodd will help us to rebuild by providing relief for businesses affected by these disasters,” said Ma.
The 2015 wildfire season was one of the most devastating in California’s history. Dodd’s 4th Assembly District was particularly impacted, as it contained nearly 58 percent of the total extinguished acreage by CalFire across the entire state.
McGuire and Dodd are also working with Governor Brown’s office to provide additional relief for Valley Fire victims through the state budget and administrative action. Last year Governor Brown signed legislation co-authored by Dodd to provide income tax relief to other taxpayers impacted by natural disasters.
