California SB1343 provides an income tax credit for sales and use tax paid on items damaged or destroyed in natural disasters.

California SB1343 introduces an income tax credit for sales and use tax paid on certain items damaged or destroyed in natural disasters. This credit applies to major appliances, residential furniture, and residential building supplies purchased to replace items damaged or destroyed in a natural disaster. The credit is available for taxable years beginning on or after January 1, 2027, and before January 1, 2032. The credit amount is up to $4,000 per taxable year, with a maximum of $10,000 per natural disaster. The credit is subject to a reduction based on the taxpayer's adjusted gross income.

California SB1343 provides an income tax credit for sales and use tax paid on items damaged or destroyed in natural disasters.

California SB1343 introduces an income tax credit for sales and use tax paid on certain items damaged or destroyed in natural disasters. This credit applies to major appliances, residential furniture, and residential building supplies purchased to replace items damaged or destroyed in a natural disaster. The credit is available for taxable years beginning on or after January 1, 2027, and before January 1, 2032. The credit amount is up to $4,000 per taxable year, with a maximum of $10,000 per natural disaster. The credit is subject to a reduction based on the taxpayer's adjusted gross income.