CHAPTER 346

AN ACT TO AMEND SECTION 1118 (8), TITLE 30, CODE OF DELAWARE, RELATING TO THE DELAWARE STATE INCOME TAX LAW, BY PROVIDING AN ALTERNATIVE METHOD FOR THE DEDUCTION OF LOSSES RESULTING FROM CERTAIN DISASTERS.

Be it enacted by the General Assembly of the State of Delaware:

Section 1. Section 1118 (8), Title 30, Delaware Code, is amended by inserting immediately preceding the text of said Subsection by adding the letter "(a)".

Section 2. Section 1118 (8), Title 30, Delaware Code, is amended by adding the following paragraph at the end thereof to read:

(b) In the case of any loss attributable to a disaster, and sustained during the period following the close of the income year and on or before the time prescribed by law for filing the income tax return for the income year (determined without regard to any extension of time); and which occurred in an area declared by the President of the United States by Executive Order to be a disaster area, at the election of the taxable may be deducted for the income year immediately preceding the income year in which the disaster occurs, provided such losses are legal deductions on the Federal income tax return of the taxable for the same income year. The extent of allowance for such losses under this paragraph shall be the same as those allowable for the purposes of the Federal income tax.

Section 3. This Act shall be effective January 1, 1962.

Approved March 30, 1962.