Taxation: cancellation of indebtedness: mortgage debt forgiveness.
This bill failed and is no longer moving.
- Stage
- Failed
- Started in
- Assembly
- Sponsors
- 21
- Latest action
- Nov 30, 2010
What it does
(1) The Personal Income Tax Law, in modified conformity to specified provisions of the federal Mortgage Forgiveness Debt Relief Act of 2007, allows an exclusion from a taxpayer's income for the discharge of qualified principal residence indebtedness, as defined, if that debt is discharged after January 1, 2007, and before January 1, 2009, as provided. The Emergency Economic Stabilization Act of 2008 extended the operation of those federal provisions to debt that is discharged before January 1, 2013.
Where it stands
This bill failed and is no longer moving.
Failed
This bill failed and is no longer moving.
What moved
Who is involved
Sponsors
The lawmakers who put their names on it, lead sponsors first.
In the news
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Where it goes next
Once a bill is decided, the questions are about what is done with it in California.