More news from the tax front for homeowners in distress.  Apparently, last week on Thursday the California Senate voted 21 to 15 to approve legislation that would prevent homeowners who have had a foreclosure, loan modification or short sale from being required to pay state income taxes on the debt forgiven.

The next step for the bill is Governer Schwarzenegger to either sign or veto it and, if signed, it will take effect immediately.  The bill would also be retroactive to include the 2009 tax year and stay in effect through 2012.

Read the article from The Press-Enterprise: Tax exemption for homeowners in distress goes to governor

Clint and Mindy Cronic, Next Generation Real Estate Services

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