California vs. Federal on the Mortgage Debt Relief Situation

Like the housing market, debt relief is a little more expensive in California.

On the state level, Senate Bill (SB) 1055, authored by Sen. Michael J. Machado, passed the Senate Revenue and Taxation Committee on an 8-0 vote.  The measure would help California taxpayers whose lenders have forgiven a portion of their mortgage debt, by allowing them to exclude the forgiven debt from their incomes for state income tax purposes.  ... more