Calif. Lawmakers Pass Housing-Crisis Tax Relief
CATHY BUSSEWITZ, Associated Press Writer
SACRAMENTO, Calif. -- The Legislature passed a bill Thursday that could help many homeowners who were hurt by the housing crisis save thousands of dollars in taxes.
The bill would provide relief for homeowners who received mortgage modifications, lost their homes to foreclosure or sold their houses for less than they owed on their mortgages. It would prevent the canceled debt from being treated as taxable income.
