16418.

 (a)  The Special Fund for Economic Uncertainties is hereby created in the State Treasury and is continuously appropriated for the purposes of this section. The contingency reserve for economic uncertainties established within the General Fund by Section 12.3 of the Budget Act of 1980 is hereby discontinued, and any balance in that reserve shall be transferred to the Special Fund for Economic Uncertainties. This special fund represents a reserve fund within the meaning of Section 5 of Article XIII  B of the California Constitution. Notwithstanding Sections 16310 and 16314, the Controller may transfer as necessary from the Special Fund for Economic Uncertainties or from the special accounts in the General Fund to the General Fund such amounts as are needed to meet cash needs of the General Fund. The Controller shall return all such moneys so transferred without payment of interest as soon as there are sufficient moneys in the General Fund.

(b)  The Controller shall transfer from the Special Fund for Economic Uncertainties to the unappropriated balance of the General Fund an amount necessary to eliminate any General Fund deficit as of the end of each fiscal year, commencing as of June 30, 1985. The amount of transfer for each fiscal year shall be determined on the basis of the State of California Preliminary Annual Report--Accrual Basis, for such fiscal year. Any subsequent adjustments shall be determined jointly by the Controller and the Director of Finance.

(c)  Notwithstanding Section 13340, moneys in the Special Fund for Economic Uncertainties is hereby continuously appropriated without regard to fiscal years to the Director of Finance for the purpose of allocating funds for disaster relief pursuant to Chapter 5 (commencing with Section 194) and Chapter 6 (commencing with Section 197) of Part 1 of Division 1 of the Revenue and Taxation Code. However, any allocation made by the director pursuant to this subdivision shall not be made sooner than 30 days after notification in writing of the necessity therefor is provided to the Joint Legislative Budget Committee.

(d)  For budgeting and accounting purposes, any appropriations heretofore or hereafter made specifically from the Special Fund for Economic Uncertainties, other than appropriations contained in this section, shall be deemed an appropriation from the General Fund. For year-end reporting purposes, the Controller shall add the balance in the Special Fund for Economic Uncertainties to the balance in the General Fund so as to show the total moneys then available for General Fund purposes.

(e)  Notwithstanding Section 13340, there is hereby appropriated from the General Fund, without regard to fiscal years, for transfer by the Controller to the Special Fund for Economic Uncertainties as of the end of each fiscal year, the lesser of the following amount:

(1)  The unencumbered balance in the General Fund.

(2)  The difference between the state’s “appropriations subject to limitation” for the fiscal year then ended and its “appropriation limit” as defined in Section 8 of Article XIII  B of the California Constitution and established in the Budget Act for that fiscal year, as jointly estimated by the Legislative Analyst’s office and the Department of Finance.

24304.8.

 Notwithstanding Sections 24300 and 24304, in counties of the 22nd class, the board of supervisors, by ordinance, may consolidate the duties of the county offices of assessor and recorder.

24304.9.

 Notwithstanding Sections 24300 and 24304, in counties of the 29th class, the board of supervisors, by ordinance, may consolidate the duties of the county offices of assessor and recorder.

24304.10.

 Notwithstanding Sections 24300 and 24304, in counties of the 30th class, the board of supervisors, by ordinance, may consolidate the duties of the county offices of assessor and recorder.

197.

 As used in this chapter:

(a)  “Eligible county” means a county which meets both of the following requirements:

(1)  Has been proclaimed by the Governor to be in a state of disaster as a result of the earthquake and aftershocks which occurred in California during October 1989.

(2)  Has adopted an ordinance providing property tax relief for earthquake, aftershock, and fire disaster victims as provided in Section 170.

(b)  “Eligible property” means real property and any mobilehome, including any new construction which was completed or any change in ownership which occurred prior to October 17, 1989, which meets both of the following requirements:

(1)  Is located in an eligible county.

(2)  Has sustained substantial disaster damage due to the earthquake or aftershocks occurring during 1989, which earthquake and aftershocks resulted in the issuance of disaster proclamations by the Governor.

“Eligible property” does not include any real property or any mobilehome, whether or not it otherwise qualifies as eligible property, if that real property or mobilehome was purchased or otherwise acquired by a claimant for relief under this chapter after October 17, 1989.

(c)  “Substantial disaster damage,” as to real property located in a county declared to be a disaster by the Governor as a result of the earthquake and aftershocks occurring in October 1989, means, with respect to real property and any mobilehome which has received the homeowner’s exemption or is eligible for the exemption as of March 1, 1989, damage amounting to at least 10 percent of its fair market value or five thousand dollars ($5,000), whichever is less; and, with respect to other property, damage to the parcel of at least 20 percent of its fair market value immediately preceding the disaster causing the damage.

(d)  “Fair market value” means “full cash value” or “fair market value” as defined in Section 110.

(e)  “Property tax deferral claim” means a claim filed by the owner of eligible property in conjunction with or in addition to the filing of an application for reassessment of that property pursuant to Section 170, which enables the owner to defer payment of the December 10, 1989, installment of taxes on property on the regular secured roll for the 1989–90 fiscal year, as provided in Section 197.1, or to defer payment of taxes on property on the supplemental roll for the 1989–90 fiscal year, as provided in Section 197.9.

197.1.

 (a)  Any owner of eligible property who files on or before December 10, 1989, a claim for reassessment pursuant to Section 170 may apply to the county assessor to defer payment of the first installment of property taxes on the regular secured roll for the 1989–90 fiscal year with respect to that property which are due no later than December 10, 1989. If a timely claim is filed, the payment shall be deferred without penalty or interest until the assessor has reassessed the property and a corrected bill prepared pursuant to the provisions of Section 170 has been sent to the property owner. Taxes deferred pursuant to this section are due 30 days after receipt by the owner of the corrected tax bill and if unpaid thereafter are delinquent as provided in Section 2610.5 and shall be subject to the penalty provided by law.

(b)  If, following reassessment pursuant to subdivision (a), the assessor determines that an owner who applied and was granted a deferral of property taxes did not file the claim in good faith, the owner shall be assessed a delinquency penalty for the nonpayment of the deferred taxes.

(c)  The provisions of this section do not apply to property taxes paid through impound accounts.

197.2.

 On or before January 15, 1990, the tax collector of an eligible county shall certify to the Director of Finance the total amount of the first installment of property taxes for all eligible property on both the regular secured roll and the supplemental roll for the 1989–90 fiscal year which were deferred pursuant to Section 197.1.

197.3.

 If an eligible county has adopted an ordinance in accordance with Section 197.9, the tax collector shall certify to the Director of Finance on or before January 31, 1990, the total amount of supplemental roll property tax deferral claims submitted pursuant to Section 197.9 to the county by 5 p.m. on December 10, 1989.

197.5.

 On or before December 31, 1990, each eligible county shall compute and remit to the Controller for deposit in the General Fund an amount equal to the amount allocated to it by the Controller pursuant to Section 197.4, less the amount of its property tax revenue lost in the 1989–90 fiscal year with respect to eligible properties as a result of the reassessment pursuant to Section 170 of that property. If the amount computed pursuant to this section for an eligible county is less than zero, the Controller shall allocate that amount to the county.

197.6.

 On or before December 31, 1990, each eligible county which has adopted an ordinance in accordance with Section 197.9, shall compute and remit to the Controller for deposit in the General Fund an amount equal to the amount allocated to it by the Controller pursuant to Section 197.4, less the amount of its supplemental roll property tax revenue lost in the 1989–90 fiscal year with respect to eligible properties as the result of reassessment pursuant to Section 170 of that property. If the amount computed pursuant to this section for an eligible county is less than zero, the Controller shall allocate that amount to the county.

197.9.

 Each eligible county may adopt an ordinance to permit the deferral of unpaid nondelinquent 1989–90 fiscal year supplemental roll taxes on eligible property reassessed pursuant to Chapter 3.5 (commencing with Section 75) of Part 0. 5 if the owner files a claim for deferral on or before December 10, 1989, with the assessor. Taxes deferred pursuant to this section shall be due on the last day of the month following the month in which the corrected bill is mailed or the delinquent date of the first installment of the original bill, whichever is later.

198.1.

 Any eligible county may adopt an ordinance providing for the temporary postponement of the April 10, 1990, installment of taxes on property on the regular secured roll for the 1989–90 fiscal year until December 10, 1990, and, notwithstanding any other provision of this chapter, the further postponement of the December 10, 1989, installment of taxes on property on the regular secured roll for the 1988–89 fiscal year until December 10, 1990. The state shall provide no reimbursement payments to local jurisdictions for the postponement of property taxes pursuant to this section.

17207.

 (a)  For disaster losses resulting from (1) forest fire or any other related casualty occurring in 1985 in California, (2) from storm, flooding, or any other related casualty occurring in 1986 in California, (3) any loss sustained during 1987 as a result of a forest fire or any other related casualty, (4) from earthquake, aftershock, or any other related casualty occurring in 1987 in California, or (5) from earthquake aftershock, or any other related casualty occurring in 1989 in California, which qualify for treatment under Section 165(i) of the Internal Revenue Code, to the extent that those losses, as computed pursuant to Section 165(a) of the Internal Revenue Code, as modified by Section 17206, exceed the taxable income of the year of loss or, if the election under Section 165(i) of the Internal Revenue Code is made, the taxable income of the year preceding the loss, then that “excess loss”, at the election of the taxpayer, may be carried to other taxable years as provided in subdivision (b).

(b)  For losses covered by Sections 165(c)(1) and 165(c)(2) of the Internal Revenue Code, relating to trade or business losses, losses resulting from transactions entered into for profit, and for losses covered by Section 165(c)(3) of the Internal Revenue Code, relating to personal casualty losses, the “excess loss” may be carried forward to each of the five taxable years following the year the loss is claimed. However, if there is any “excess loss” remaining after the five-year period, then 50 percent of that “excess loss” may be carried forward to each of the next 10 taxable years.

(c)  The entire amount of any “excess loss” as defined in subdivision (a) shall be carried to the earliest of the taxable years to which, by reason of subdivision (b), the loss may be carried. The portion of the loss which shall be carried to each of the other taxable years shall be the excess, if any, of the amount of “excess loss” over the sum of the taxable income for each of the prior taxable years to which that “excess loss” may be carried.

(d)  The provisions of this section and Section 165(i) of the Internal Revenue Code shall be applicable to any of the following losses sustained in any county or city in this state which was proclaimed by the Governor to be in a state of disaster:

(1)  Any loss sustained during February 1986 as a result of storm, flooding, or any other related casualty.

(2)  Any loss sustained during 1987 as a result of forest fire or any other related casualty.

(3)  Any loss sustained during October 1987 as the result of earthquake, aftershock, or any other related casualty.

(4)  Any loss sustained during October 1989 as the result of earthquake, aftershock, or any other related casualty.

(e)  Losses described in this section may not be taken into account in computing a net operating loss deduction under Section 17276.

24347.5.

 (a)  In lieu of Section 24347, for disaster losses resulting (1) from forest fire or any other related casualty occurring in 1985 in California, (2) from storm, flooding, or any other related casualty occurring in 1986 in California, (3) any loss sustained during 1987 as a result of a forest fire or any other related casualty, (4) from earthquake, aftershock, or any other related casualty occurring in October, 1987, or (5) from earthquake, aftershock, or any related casualty occurring in October 1989 in this state, a deduction is allowed pursuant to Section 165(i) of the Internal Revenue Code.

(b)  To the extent that losses under subdivision (a) exceed the net income of the year of loss or, if the election under Section 165(i) of the Internal Revenue Code is made, the net income of the year preceding the loss, then that “excess loss”, at the election of the taxpayer, may be carried forward to each of the five income years following the income year the loss is claimed. However, if there is any “excess loss” remaining after the five-year period, then 50 percent of that “excess loss” may be carried forward to each of the next 10 income years.

(c)  The entire amount of any “excess loss” as defined in subdivision (b) shall be carried to the earliest of the income years to which, by reason of subdivision (b), the loss may be carried. The portion of the loss which shall be carried to each of the other income years shall be the excess, if any, of the amount of “excess loss” over the sum of the net income for each of the prior income years to which that “excess loss” may be carried.

(d)  The provisions of this section and Section 165(i) of the Internal Revenue Code shall be applicable to any of the following losses sustained in any county or city in this state which was proclaimed by the Governor to be in a state of disaster:

(1)  Any loss sustained during February 1986, as a result of storm, flooding, or any other related casualty.

(2)  Any loss sustained during 1987 as a result of forest fire or any other related casualty.

(3)  Any loss sustained during October 1987, as the result of earthquake, aftershock, or any other related casualty.

(4)  Any loss sustained during October 1989, as the result of earthquake, aftershock, or any other related casualty.

(e)  Any corporation subject to the provisions of Section 25101 or 25101.15 that has disaster losses pursuant to this section, shall determine the “excess loss” to be carried to other income years under the principles specified in Section 25108 relating to net operating losses.

(f)  Losses described in this section may not be taken into account in computing a net operating loss deduction under Section 24416.