CA AB2332

Allows taxpayers to claim deductions for losses sustained in Santa Cruz County from severe storms that occurred in March 2011 on their tax return for the preceding year.

Applies federal Internal Revenue Code Section 165(i) to Santa Cruz County disaster losses, permitting elections to be made on original or amended returns filed by the due date of the disaster year tax return.

Exempts net operating losses from Santa Cruz County March 2011 storms from any state laws that suspend, defer, reduce, or diminish net operating loss deductions.

Applies to both Personal Income Tax Law (Section 17207.11) and Corporation Tax Law (Section 24347.11).

Took effect immediately upon approval by the Governor on August 27, 2012.