AB 2358 California Assembly · 2013-2014 Regular Session

Taxation: cancellation of indebtedness: mortgage debt forgiveness.

Summary

The Personal Income Tax Law conforms to specified provisions of the federal Mortgage Forgiveness Debt Relief Act of 2007, relating to the exclusion of the discharge of qualified principal residence indebtedness, as defined, from a taxpayer's income if that debt is discharged after January 1, 2007, and before January 1, 2010, as provided. The federal Emergency Economic Stabilization Act of 2008 extended the operation of those provisions to debt that is discharged before January 1, 2013. This bill would extend the operation of the exclusion of the discharge of qualified principal residence indebtedness to debt that is discharged on or after January 1, 2013, and before January 1, 2014. This bill would take effect immediately as a tax levy.

Bill status failed 1 of 4 stages cleared

Introduction

Feb 2014

Committee Review

Floor Vote

Governor

Introduced Feb 21, 2014 Last action Nov 30, 2014

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Apr 28, 2014

Lower · Passed

In committee: Set, first hearing. Hearing canceled at the request of author.

lower

Mar 10, 2014

Committee

Referred to Com. on REV. & TAX.

lower

Feb 23, 2014

Lower · Passed

From printer. May be heard in committee March 25.

lower

Feb 21, 2014

Introduced

Introduced. To print.

lower

1 primary · 0 co-sponsors