AB 1779 California Assembly · 2009-2010 Regular Session

Taxation: cancellation of indebtedness: mortgage debt forgiveness.

Summary

(1) The Personal Income Tax Law, in modified conformity to specified provisions of the federal Mortgage Forgiveness Debt Relief Act of 2007, allows an exclusion from a taxpayer's income for the discharge of qualified principal residence indebtedness, as defined, if that debt is discharged after January 1, 2007, and before January 1, 2009, as provided. The Emergency Economic Stabilization Act of 2008 extended the operation of those federal provisions to debt that is discharged before January 1, 2013. This bill would provide further conformity to those federal acts, including allowance of the exclusion for debt that is discharged before 2013, as provided. (2) This bill would take effect immediately as a tax levy.

Bill status failed 1 of 4 stages cleared

Introduction

Feb 2010

Committee Review

Floor Vote

Governor

Introduced Feb 9, 2010 Last action Nov 30, 2010

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

May 10, 2010

Lower · Passed

In committee: Set, second hearing. Held under submission.

lower

May 4, 2010

Committee

Re-referred to Com. on REV. & TAX.

lower

May 3, 2010

Introduced

From committee chair, with author's amendments: Amend, and re-refer to Com. on REV. & TAX. Read second time and amended.

lower

Apr 19, 2010

Lower · Passed

In committee: Hearing postponed by committee.

lower

Apr 12, 2010

Committee

In committee: Set, first hearing. Referred to REV. & TAX. suspense file.

lower

Mar 22, 2010

Lower · Passed

In committee: Hearing postponed by committee.

lower

Feb 18, 2010

Committee

Referred to Com. on REV. & TAX.

lower

Feb 10, 2010

Lower · Passed

From printer. May be heard in committee March 12.

lower

1 primary · 19 co-sponsors