DIY Home Improvement

Yesterdays news on Foreclosure relief just in and official. When helping others out of a bad place and finding others for a new place, the California legislation  has approve what will help us all succeed in our dreams of paying it forward.

Thousands of Californians whose homes were foreclosed on or sold at a loss will likely get tax relief under a measure approved Thursday by the state Legislature.

The bill would waive state taxes on mortgage debt that has been forgiven in a foreclosure or short sale. The law is expected to affect about 34,000 taxpayers.

Gov. Arnold Schwarzenegger is expected to sign the measure, which would also provide about $60 million in tax credits to green-energy companies.

Californians can already claim the tax breaks on federal returns. With the April 15 deadline for tax filings looming, the Senate and Assembly approved the measure, SB 401, by Sen. Lois Wolk, D-Davis.

Time is NOW:

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