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SB 25

  • California Senate Bill
  • 2009-2010, 8th Special Session
  • Introduced in Senate Feb 04, 2010
  • Senate
  • Assembly
  • Governor

Taxation: cancellation of indebtedness: mortgage debt forgiveness.

Abstract

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, 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. The California Constitution authorizes the Governor to declare a fiscal emergency and to call the Legislature into special session for that purpose. The Governor issued a proclamation declaring a fiscal emergency, and calling a special session for this purpose, on January 8, 2010. This bill would state that it addresses the fiscal emergency declared by the Governor by proclamation issued on January 8, 2010, pursuant to the California Constitution.

Bill Sponsors (2)

Calderon

Author

Lou Correa

  • Democratic
Author

Votes


No votes to display

Actions


Mar 11, 2010

Senate

From committee without further action.

Feb 10, 2010

Senate

Re-referred to Com. on Rev. & Tax.

  • Referral-Committee
Com. on Rev. & Tax.

Feb 04, 2010

Senate

Introduced. Read first time. To Com. on RLS.

Bill Text

Bill Text Versions Format
SB25 HTML
02/04/10 - Introduced PDF

Related Documents

Document Format
No related documents.

Sources

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