For everyone in our great state who filed a foreclosure or short sale last year, Gov. Schwarzenegger signed a bill into existence a mere 24 hours prior to Tax Day...giving people who could no longer afford their homes the opportunity to avoid a big tax bill from California. This puts California in alignment with the current Federal approach to those who foreclose or short-sale their property.
There are people on both sides of the fence regarding this decision. For the fiscally responsible - our state is already in a serious debt situation and this bill removes another possible flow of revenue to our very dry state coffers. For the socially conscious - the people who suffered through job loss and other hardships resulting in losing their homes, don't need to have another painful burden placed on them: a tax bill for "income" that they didn't really earn.
What are your thoughts about this?
Thursday, April 15, 2010
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