Tax Law Updates | New Statutes, Regulations, and Rulings
April 28, 2010
CA Tax Bill Giving Relief to Homeowners and Tax-Exemptions to Federally Funded Energy Projects Now a Law
California Senate Bill No. 401
S.B. No. 401, 4/12/2010
California Governor Arnold Schwarzenegger has signed into law SB 401, a legislation that gives tax relief to struggling California homeowners who have sold their homes as short sales or modified their mortgage loans. The bill also has provisions that provides income tax exemptions to federally funded energy projects.
Specifically, SB 401 extends the law providing mortgage debt forgiveness to homeowners who have already lost their homes due to declining home prices and cannot afford to pay thousands of dollars in taxes because the mortgage company forgave the remainder of the loan. As a result, homeowners in the State of California who…
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