{"id":521091,"date":"2010-04-08T14:45:01","date_gmt":"2010-04-08T18:45:01","guid":{"rendered":"tag:typepad.com,2003:post-6a00d8341c630a53ef01347fbd0b26970c"},"modified":"2010-04-08T16:47:59","modified_gmt":"2010-04-08T20:47:59","slug":"legislature-backs-tax-break-for-forgiven-mortgage-debt","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/521091","title":{"rendered":"Legislature backs tax break for forgiven mortgage debt"},"content":{"rendered":"<p><img decoding=\"async\" alt=\"http:\/\/www.latimes.com\/media\/photo\/2010-03\/52668663.jpg\" src=\"http:\/\/www.latimes.com\/media\/photo\/2010-03\/52668663.jpg\"><\/img><\/p>\n<p>Thousands of Californians whose homes were foreclosed on or sold at a<br \/>\n loss will likely get tax relief under a measure approved Thursday by<br \/>\nthe state Legislature.<\/p>\n<p>The bill would waive state taxes on mortgage debt that has been<br \/>\nforgiven in a foreclosure or short sale. The law is expected to affect<br \/>\nabout 34,000 taxpayers. <\/p>\n<p>Gov. Arnold Schwarzenegger is expected to sign the measure, which<br \/>\nwould also provide about $60 million in tax credits to green-energy<br \/>\ncompanies.<\/p>\n<p>Californians can already claim the tax breaks on federal returns.<br \/>\nWith the April 15 deadline for tax filings looming, the Senate and<br \/>\nAssembly approved the measure, SB 401, by Sen. Lois Wolk, D-Davis.<\/p>\n<\/p>\n<p>The short-sale provision would mean about $34 million less in tax<br \/>\nrevenue for the state over three years, according to the Franchise Tax<br \/>\nBoard.<\/p>\n<p>\n&#8211;Patrick McGreevy in Sacramento<\/p>\n<p>Photo: L.A. Times file<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Thousands of Californians whose homes were foreclosed on or sold at a loss will likely get tax relief under a measure approved Thursday by the state Legislature. The bill would waive state taxes on mortgage debt that has been forgiven in a foreclosure or short sale. The law is expected to affect about 34,000 taxpayers. [&hellip;]<\/p>\n","protected":false},"author":4567,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-521091","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/521091","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/4567"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=521091"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/521091\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=521091"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=521091"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=521091"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}