California 2009-2010 Regular Session Status: In Committee

SB 97 — Taxation: cancellation of indebtedness: mortgage debt forgiveness.

Last action — Returned to Secretary of Senate pursuant to Joint Rule 56.

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed Assembly
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2009-2010 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

The Personal Income Tax Law, in modified conformity to federal income tax laws, requires a borrower to include in his or her income, with certain exceptions, the amount of debt canceled or discharged, as specified. 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, 2009, as provided. This bill would, in additional conformity to federal income tax laws, extend the operation of those provisions to debt that is discharged after January 1, 2007, and before January 1, 2013, and would modify the amount excluded from gross income. This bill would also provide conformity to specified provisions of the federal Emergency Economic Stabilization Act of 2008 relating to the exclusion of the discharge of qualified principal residence indebtedness, as defined, from a taxpayer's income if that debt is discharged on or after January 1, 2009, and before January 1, 2013. This bill would make legislative findings and declarations regarding the public purpose served by the bill. This bill would take effect immediately as a tax levy.

Bill Text

Action History

  1. Returned to Secretary of Senate pursuant to Joint Rule 56.

  2. From committee with author's amendments. Read second time. Amended. Re-referred to Com. on REV. & TAX.

  3. Placed on REV. & TAX. suspense file.

  4. Set for hearing May 13.

  5. To Com. on REV. & TAX.

  6. From print. May be acted upon on or after February 26.

  7. Introduced. Read first time. To Com. on RLS. for assignment. To print.

Sponsors

  • Calderon · Primary
  • Correa · Cosponsor

Sponsorship breakdown

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1 sponsors · 1 co-sponsors · 120 not signed on

Sponsors (1)

  • Calderon

Co-sponsors (1)

  • Correa

Not signed on (120)

120 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation
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Frequently asked questions

What does SB 97 do?
The Personal Income Tax Law, in modified conformity to federal income tax laws, requires a borrower to include in his or her income, with certain exceptions, the amount of debt canceled or discharged, as specified. 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, 2009, as provided. This bill would, in additional conformity to federal income tax laws, extend the operation of those provisions to debt that is discharged after January 1, 2007, and before January 1, 2013, and would modify the amount excluded from gross income. This bill would also provide conformity to specified provisions of the federal Emergency Economic Stabilization Act of 2008 relating to the exclusion of the discharge of qualified principal residence indebtedness, as defined, from a taxpayer's income if that debt is discharged on or after January 1, 2009, and before January 1, 2013. This bill would make legislative findings and declarations regarding the public purpose served by the bill. This bill would take effect immediately as a tax levy.
Who sponsors SB 97?
SB 97 is sponsored by Calderon and Correa.
What is the current status of SB 97?
This bill died with 2009-2010 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 97?
Track SB 97 free on One Click Politics — get push/email alerts when it moves.

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