AB 2136 Summary

• Modifies CalHome Program loans for Imperial County earthquake disaster relief by reducing loan term from 20 years to 10 years and increasing annual principal forgiveness from 10% to 20% for manufactured homes in mobilehome parks.

• Directs Imperial County auditor to certify property tax revenue reductions from reassessments of earthquake-damaged properties by October 30, 2010, and requires state reimbursement to the county from the Special Fund for Economic Uncertainties.

• Allows dwellings that qualified for the $7,000 homeowners' property tax exemption before April 4, 2010, to retain eligibility even if temporarily damaged, destroyed, or under reconstruction as a result of the earthquake.

• Extends personal income tax and corporation tax loss carryover provisions to taxpayers with disaster losses in Imperial County from the April 2010 earthquake, allowing election to claim losses on the preceding year's return.

• Takes effect immediately as an urgency statute to provide timely relief to persons and jurisdictions affected by the April 4, 2010 Imperial County earthquake.