Just a quick update on the status of the California “debt forgiveness” tax measure:
As previously reported, the California Senate passed the California Association of Realtors-sponsored tax relief bill without a single “no” vote on June 20. The bill was then referred to the state Assembly, where it continues to languish. A hearing on the bill is scheduled before the Assembly’s Revenue and Taxation committee on August 12, 2013.
As also reported, the bill as currently drafted remains linked to Senate Bill 391, which imposes new fees for the recording of real estate documents, and which SB 30-sponsor CAR opposes. This means SB 30 will fail unless SB 391 also passes, or unless the two bills are unlinked. SB 391 is also scheduled for a hearing on August 12, 2013 before the Assembly’s Housing & Community Committee.