CA AB1651

Allows a deduction under both Personal Income Tax Law and Corporation Tax Law for taxable years beginning January 1, 2015, for losses in fair market value of tangible personal property located in California caused by new state rules, regulations, or statutes.

Defines fair market value as "full cash value" or "fair market value" per Section 110, and tangible personal property as privately owned property with physical substance that can be touched.

Applies only to rules, regulations, or statutes promulgated or enacted on or after the effective date of this act.

Limits the deduction to one claim per property, replacing any other depreciation deductions the taxpayer could otherwise claim.

Takes effect immediately as a tax levy provision.