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Perspective

Mar. 28, 2012

FTB announces major changes in tax deductions

Changes in reporting requirements for real property tax deductions to affect taxpayers. By Mike Joyce of Allen Matkins Leck Gamble Mallory & Natsis LLP


By R. Michael Joyce


Continuing its efforts to enhance tax collections, the California State Franchise Tax Board has announced a significant change to the reporting requirements for real property tax deductions by state taxpayers.


According to the FTB, commencing for all 2012 tax returns, only the amount based on the ad valorem value of a taxpayer's property is deductible. Accordingly, non-ad valorem special assessments, special taxes, ...

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