Wouldn’t News Be Seeking to Harm Struggling Homeowners?

 

 Senator Anderson Seeks to Protect 
Struggling Homeowners

Asking the Public’s Help to Take Action

For Immediate Release: May 23, 2013

SACRAMENTO – Sen. Joel Anderson, a San Diego Republican, is asking Californians to shine a light on the importance of the critical Mortgage Tax Relief Bill by sending letters to key legislators to pass the measure.

Sen. Anderson has co-authored SB 30 with Sen. Ron Calderon, a Montebello Democrat.  SB 30 intends to shield thousands of families faced with losing their homes from paying taxes on a forgiven debt.

“More than 90,000 Californians suffered the financial blow of losing their homes through short sales last year, and if this bill doesn’t go through, they will be taxed on the loss of their homes.  This is not fair to kick them while they are down,” said Anderson.

For this taxpayer protection bill to survive, SB 30 has to pass off the Senate Floor by May 31.

A short sale is when a lender agrees to forgive a homeowner of a portion of their mortgage debt when the home is sold for less than the mortgage owed.  California’s tax structure currently treats the forgiven debt as income, requiring a tax payment on money received.

SB 30 would bring the state’s tax law into conformity with federal tax law and relieve the borrower of having to claim as income the forgiven mortgage debt.

Senator Anderson is asking Californians to join him in this effort and pass SB 30 by emailing his office.

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