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Senator Borgeas Tax Relief Legislation For Wildfire Victims Passes

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Sacramento, CA–Senate Bill 202, authored by Senator Andreas Borgeas, was approved unanimously by both houses of the California legislature. Senate Bill 202 extends the time period by two years for a taxpayer to transfer their base year value to a comparable property in the same county if their home was destroyed by a disaster. Senate Bill 202 is now awaiting the Governor’s signature. Senator Borgeas explained

“California has seen an unprecedented number of wildfires in recent years that have decimated countless homes throughout the state, once a home is destroyed, residents are faced with a maelstrom of barriers and costs as they seek to build a new home. SB 303 provides additional relief for wildfire victims by allowing qualifying residents a total of seven years to rebuild or acquire a new home. The state of California should be doing everything in its power to assist wildfire victims.”

The full text of the legislation can be found here

 

 

 

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