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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 4539
Experience:  Juris Doctorate, CFP and MBA, Providing Financial & Tax advice since 1986
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Did CA ever conform with the federal extension of the Mortgage

Resolved Question:

Did CA ever conform with the federal extension of the Mortgage Forgiveness Debt Relief Act (through 2013)?
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.

Lane :

Yes, The California Senate passed the California Association of Realtors-sponsored tax relief bill without a single "no" vote on June 20. SB 30

Lane :

From the SF Gate: The State of California also exempts homeowners from state taxes owed on mortgage debt relief. It passed the Conformity Bill of 2010, which extends similar exemptions to citizens of California for state income tax.

Lane :

Here's where the bill sits today: http://legiscan.com/CA/text/AB42/id/771969

Customer:

My understanding is that that bill only extended through 2012. https://www.ftb.ca.gov/aboutFTB/newsroom/Mortgage_Debt_Relief_Law.shtml

Customer:

Has it officially been extended in CA through 2013 or is it just "in the works?"

Lane :

SB 30 will extend the sunset date in California law to Jan. 1, 2014. Upon its passage, the measure will be retroactive to Jan. 1, 2013.

Lane :

Its sitting in assemly right now, the last stage before the bill comes into law all roll call votes have been Yea (pass) once a bill has become passed that's the hard part

Customer:

Got it. Thank you!

Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 4539
Experience: Juris Doctorate, CFP and MBA, Providing Financial & Tax advice since 1986
Lane and 4 other Tax Specialists are ready to help you
Expert:  Lane replied 1 year ago.

Thanks Monica

Lane

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Lane
Lane
JD, MBA, CFP, CRPS
3667 Satisfied Customers
Juris Doctorate, CFP and MBA, Providing Financial & Tax advice since 1986