In a move to alleviate the financial strain on residents impacted by the Los Angeles wildfires, Governor Gavin Newsom, as reported by the Governor's Office, declared that tax relief will be provided by the California Franchise Tax Board (FTB). Those residing in Los Angeles County, now grappling with the aftereffects of the blazes, are to see a postponement for filing their 2024 tax returns and making respective payments that were due from January 7 to October 15.
"California is taking action to provide relief to state taxpayers affected by these devastating fires," Newsom announced, as per the Governor's Office, conveying the state's commitment to support the stricken communities through this period of recovery. The timeline extension aligns with the federal government's previous decision to grant an extension to wildfire victims, aiming to give the affected a broader window to manage their financial obligations during the crisis.
According to State Controller and FTB Chair Malia M. Cohen in a statement, the fire has left a trail of destruction unseen in recent history. "Our state faces one of the most devastating fires in recent history, which has taken lives, displaced thousands of families, and left entire communities in ruins," she said. The FTB endorses that taxpayers are not alone during these trying times and pledges to extend necessary disaster relief resources.
Multiple tax-related deadlines are to be extended under the new postponement. Those with April 15, tax return dates, quarterly estimated tax payments spanning throughout 2025, corporate or pass-through entity taxes due in March and April, elective pass-through entity tax payments, and May 15 tax-exempt organization returns are all covered. Furthermore, following Presidential and state emergency declarations, impacted residents and businesses become candidates for additional tax exemptions and the possibility to claim a deduction for disaster loss on their 2024 returns.
