Headlines  |  Bills  |  Leg. Votes  |  Code/Laws  |  ElectionTrack   |  About   |  Feedback
Create Account  Log In
Get the free THE NOONER daily e-mail update of aroundthecapitol headlines:
   

help wanted - php/mysql geek with interest in politics

Comments/questions on SB 97

Get free e-mail updates on SB 97


No Spam Privacy Policy







california political news, opinion,
laws & legislation
california legislation > SB 97

Create a free account to track bills.
SB 97 (Calderon and Correa)
Taxation: cancellation of indebtedness: mortgage debt forgiveness.
LEGISLATIVE COUNSEL'S DIGEST


SB 97, as amended, Calderon. Taxation: cancellation of
indebtedness: mortgage debt forgiveness.
The Personal Income Tax Law, in modified conformity to federal
income tax laws, requires a borrower to include in his or her income,
with certain exceptions, the amount of debt canceled or discharged,
as specified.
The Personal Income Tax Law conforms to specified provisions of
the federal Mortgage Forgiveness Debt Relief Act of 2007, relating to
the exclusion of the discharge of qualified principal residence
indebtedness, as defined, from a taxpayer's income if that debt is
discharged after January 1, 2007, and before January 1, 2009, as
provided.
This bill would , in additional conformity to federal income
tax laws,
extend the operation of those provisions to debt that
is discharged after January 1, 2007, and before January 1,
2010
2013, and would modify the amount
excluded from gross income.

This bill would also provide conformity to specified provisions of
the federal Emergency Economic Stabilization Act of 2008 relating to
the exclusion of the discharge of qualified principal residence
indebtedness, as defined, from a taxpayer's income if that debt is
discharged on or after January 1, 2009 , and before January 1,
2013
.
This bill would make legislative findings and declarations
regarding the public purpose served by the bill.

This bill would take effect immediately as a tax levy.



Comments/questions on SB 97 (Calderon and Correa): Taxation: cancellation of indebtedness: mortgage debt forgiveness.

 

Bill Text:

  • 01/11/10 - Amended Senate (pdf)
  • 01/26/09 - Introduced (pdf)

  • Bill Location:

  • Sen Revenue and Taxation

  • Last Action:

  • 02/01/10: Returned to Secretary of Senate pursuant to Joint Rule 56.


  • Bill Analysis
  • 05/11/09 - Sen. Revenue And Taxation

  •  

    E-mail this bill to a friend

    Top Headlines

    1. Brown Recruits Hispanic Activists To Gov Campaign
    2. Bid denied to force Brown, Schwarzenegger to appeal Prop. 8
    3. Boxer Continues Criticism Of Gop Challenger Fiorina
    4. Former Democratic Lawmaker Parra To Help Whitman
    5. First Take: Boxer and Fiorina debate. End-of-session wrap-up.
    6. Meg Whitman Called Back To Court For Jury Duty
    7. Candidates are spending more, reaching fewer voters
    8. Court won't force Brown, Schwarzenegger to defend Prop 8
    9. If You Don't Like Tax Increases, Why Would You Vote for a Republican Governor?
    10. Jerry Brown Touts Latino Support In Oakland
    Comments