San Bruno victims get tax breaks on donationsSurvivors of the San Bruno gas line explosion won’t have to pay state taxes on donations received, state leaders decided this week.Gov. Jerry Brown late Wednesday signed a bill from Assemblyman Jerry Hill, D-San Mateo, previously approved by the Legislature.Since the September blast, 668 residents in the neighborhood have received a combined $10 million from a donation fund organized by the city, the American Red Cross and Pacific Gas & Electric. Typically such donations are subjected to state taxes, but legislators argued that the victims had suffered enough and should be exempt.For residents who sold their properties to PG&E after the disaster, the law also exempts them from the capital gains tax, provided they use the money to buy another home within five years.Assembly Bill 50 became law Thursday, in time for residents to take advantage of the tax breaks on their 2010 returns.”Nothing will compensate the residents of San Bruno for the suffering they’ve gone through,” Hill said in a statement. “This bill simply treats relief payments associated with the explosion as qualified disaster relief payments so victims aren’t burdened with thousands of dollars in additional taxes.”
It’s important to plan ahead for any potential evacuations. With another storm approaching, pack a go bag for each member of your household with essential items. Take time now to plan ahead and prepare.
Good Advice on top of good advice!
Good advice, @MD_Insurance . Also good advice: take an inventory of what your insurance policy covers and what it pays #RUInsureScore https://crr.rutgers.edu/homeowners-insurance-policy-scoring/ https://twitter.com/MD_Insurance/status/1637771278521192451
Now in print and online, my article Policyholder Misrepresentation in Insurance Claims, Connecticut Insurance Law Journal, rethinking the false swearing rule in #insurance https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4387718
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