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Governor signs bill for borrowers, renewable projects

April 12, 2010

Gov. Arnold Schwarzenegger has signed Senate Bill 401, which will extend a law that exempts homeowners who get mortgage debt relief from having to pay income tax on their savings as if it were a gift.

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Assembly passes bill to waive income tax on forgiven mortgage debt

March 9, 2010

Homeowners whose mortgage debt is reduced by lenders during foreclosure proceedings would not have to pay income tax on the forgiven amount under legislation passed by the Assembly Monday and sent to Gov. Arnold Schwarzenegger.

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