California gives tax break to those in foreclosures and short sales

By
Real Estate Services with USHUD.com

California Governor Arnold Schwarzenegger is poised to sign into law SB 401, legislation that will waive state taxes on mortgage debt that has been forgiven in a foreclosure or short sale. The new legislation is expected to benefit about 34,000 California taxpayers.

In a report Friday, the L.A. Times said Schwarzenegger would sign the bill in time for taxpayers to take advantage of the benefits before the April 15 deadline to file tax returns.

The legislation also contains about $60 million in tax incentives to encourage corporate energy efficiency.

The relief for Californians affected by the housing crises couldn't come at a better time. In February, foreclosure experts at Heavy Hammer Inc. forecast rising foreclosure rates throughout 2010.

Hopefully, legislators in Washington, D.C., are ready to recommit to addressing employment, housing and the other underlying issues at the heart of the current recession so we can begin our recovery.

For the latest real estate foreclosure news and information, visit www.USHUD.com, America's only free foreclosure resource.


 

 

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Re-Bloggged 5 times:

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  1. David Fabian 04/17/2010 12:29 PM
  2. Lee Nelson 04/18/2010 09:26 PM
  3. Timothy Fry 04/18/2010 10:49 PM
  4. Jack Bachmann 04/22/2010 06:14 PM
  5. Kristin Frankenfield 04/27/2010 08:59 PM
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Additional Information

Michael Urbanski is the chief executive officer of Heavy Hammer, Inc., and USHUD.com. Headquartered in Annapolis, Michael oversees the online networking and consulting company advocating for American homebuyers, connecting them with trusted experts and valuable resources. Driving one of the most widely used suites of foreclosure Websites, Heavy Hammer delivers all-inclusive, free lists of foreclosure properties to more than 500,000 homebuyers monthly. In business since 1998, Heavy Hammer has focused on geographically-based ad serving technology and processes allowing thousands of professionals to target specific locations, connecting directly with consumers in specific locations. Starting with USHUD.com, this group of sites now includes more than 30 state- and region-specific sites.