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State Tax Relief Coming For Homeowners Forced Into Short Sale

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(Sacramento, CA)
Thursday, April 8, 2010
The bill helps Californians who faced foreclosure and lost their homes to so-called short sales. That’s when the bank agrees to sell the home for less than the value of the mortgage…and forgives the owner the debt that made up the difference. That debt is typically taxable – but under this new legislation, it won’t be. Democratic Assemblyman Anthony Portantino:

“This bill will get a signature and it will bring relief to the many people in our state who need it need it will stimulate the economy.”

Republicans supported the short sale tax relief, but opposed the bill.
GOP Assemblyman Kevin Jeffries says that’s because Democrats snuck in tax increases for other groups.

“you have taken a very very good bill to help lots of homeowners, thousands of homeowners across the state and ruined it, killed it, with tax increases.”

Governor Schwarzenegger vetoed a pervious version of the bill because it included penalties for businesses that misused tax credits. He says he’ll sign this new version.
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