CA AB1662

Provides state reimbursement to Calaveras, Imperial, Los Angeles, Orange, Riverside, San Bernardino, San Francisco, and Siskiyou counties for property tax revenue losses resulting from reassessments of properties damaged by severe winter storms in January 2010.

Protects homeowners' property tax exemptions for dwellings damaged or destroyed by wildfires in Los Angeles, Monterey, Placer, and Kern counties (August 2009-July 2010) and by winter storms in eight specified counties (January 2010), allowing exemptions to continue despite temporary damage, reconstruction, or restricted access.

Allows disaster loss carryovers for personal income tax and corporation tax purposes for losses sustained in affected counties from the specified wildfires and winter storms, with five-year carryforward periods extendable to 15 years for remaining excess losses.

Permits taxpayers to elect to claim disaster losses on the tax return for the preceding year rather than the year the disaster occurred.

Took effect immediately upon Governor approval on September 29, 2010, as an urgency statute.