Â
Sponsored by
CALIFORNIA NEWS
Calif. lawmakers pass housing-crisis tax relief
Posted: Apr 8, 2010 12:16 PM
Updated: Apr 8, 2010 12:16 PM
SACRAMENTO, Calif. (AP)
Californians who were hurt by the housing crisis could soon receive a measure of good news that would save them thousands of dollars in taxes.
The Legislature passed a bill Thursday helping homeowners who received mortgage modifications, lost their homes to foreclosure or sold their houses for less than they owed on their mortgages.
The bill would prevent the canceled debt from being treated as taxable income. It conforms California law to a federal tax change that runs through 2012.
The Assembly and Senate passed the bill after removing a tax-related provision that drew objections from Gov. Arnold Schwarzenegger. Some Republicans continued to oppose it because it introduces other taxes.
The bill now goes to the governor's desk.
PLEASE HELP US MODERATE COMMENTS
Offensive or inappropriate comments are subject to removal. To report a comment, please e-mail us at feedback@ksby.com, and include the name of the story and information on the comment.
Thank you! KSBY.com
KSBY.COM VIDEOS
-
"Monster" reunited with owner after his cage was blown away during Oklahoma tornado
Views: 97 May 22, 2013 -
Joshua Hornsby mourns the loss of his young daughter killed in the Oklahoma tornado
Views: 24 May 22, 2013 -
Watch as a local meteorologist tracks the path of deadly tornado as it hits Moore, Oklahoma
Views: 273 May 21, 2013
Comments