Our beloved Governor Swarchenegger sent the last bill back to the legislature because it contained measures for businesses that he did not like. The bill is to be revised and stripped of unnecessary stuff and mainly contain the tax relief for Californians. It is expected to be revised and passed before April 15th but I would not hold my breath. If it does get approved after April 15th, Californians may need to file an extension or file an amendment.

In this same article that talks about SB 1055, you will find the link to the article detailing the Mortgage Forgiveness Debt Relief Act of 2007 (HR 3648). On that article you will also find that this tax relief act was extended through 2012 by Emergency Economic Stabilization Act of 2008 H.R. 1424.

So to answer you question; yes, that information is correct.

I am a realtor for Century 21 Excellence, California. I’ve heard throught several sources that the Mortage Debt Relief Act of January 08- December 09 had been extended to until 2012?

Is this information correct? If so, where can I verify this?

I thank you in advance for your prompt response & guidance!

Best regards,