CA AB1552

Allows a deduction under both Personal Income Tax Law and Corporation Tax Law for amounts paid on property tax bills, including real property taxes, personal property taxes, special taxes, special assessments, fees, and other charges

Applies to taxable years beginning on or after January 1, 2012

Expands deductibility to align with federal tax law under Section 164 of the Internal Revenue Code, which allows deductions for real property taxes not limited to assessed value-based (ad valorem) taxes

Takes effect immediately as a tax levy requiring majority vote

Addresses California taxpayers' ability to deduct special taxes and assessments such as those under the Mello-Roos Community Facilities Act of 1982