AB 50 Summary

• Eliminates requirement that local hazard mitigation plans adopted with safety elements must include specified federal elements under the Disaster Mitigation Act of 2000.

• Provides state allocations to reimburse Santa Barbara, Orange, Riverside, San Bernardino, Placer, and Kern counties for property tax revenue reductions from reassessments of wildfire-damaged properties, with funds continuously appropriated from the Special Fund for Economic Uncertainties.

• Allows homeowners whose dwellings qualified for the $7,000 property tax exemption prior to August 30, 2009 (Placer County wildfires) or July 26, 2010 (Kern County wildfires) to retain the exemption even if temporarily damaged, destroyed, or being reconstructed, provided ownership has not changed.

• Extends personal income tax and corporation tax loss carryover provisions to losses sustained in Placer County (August 2009 wildfires) and Kern County (July 2010 wildfires), allowing taxpayers to claim deductions on prior year tax returns.

• Requires counties to demonstrate compliance with fire protection services and fire risk reduction education requirements before the Department of Finance may certify property tax revenue reduction estimates for fire disasters occurring after January 1, 2010.