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.
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.