Posted by: Catherine | March 18, 2010

Short Sale Tax relief bill stalled, may be vetoed by Schwarzenegge


Our California Governor is threatening to veto the tax bill (SBX8 32)passed by California lawmakers last week.    As part of an LA Times blog article:

“Gov. Arnold Schwarzenegger announced today that he would not sign a bill lawmakers passed to bring new tax relief to homeowners and green energy companies, in large part because it would ramp up the penalties against those who abuse such tax credits.”

I say, follow the money.  Look a the next paragraph:

“The governor’s move came at the urging of a coalition that includes the California Chamber of Commerce, the Western States Petroleum Assn. and the California Manufacturers and Technology Assn. It lobbied against the bill, SBX8 32, arguing that it would make businesses reluctant to claim tax breaks for fear of making an error.”

Hmmm, really?  The Western States Petroleum Association?  The California Manufacturers and Technology Association?  Oh, and the California Chamber of Commerce, supporting businesses? Shall we say, follow the money?

The HOMEOWNERS of this state need help, and somehow this bill got all tied into another and we may very well see a veto.  Now at this time it is being urged that lawmakers urgently draft a new version, but we’ll see what “urgently” means to our trusted (please read a lot of sarcasm there) lawmakers in Sacramento. 

Said in the article:

“Administration officials urged lawmakers to immediately get back to work crafting a new proposal and to pass it in time for Californians to be able to claim the credits on their 2009 returns, due April 15. But Democrats said it is unlikely a new bill would get enough votes, leaving taxpayers out of luck.”

So, where does that leave us?  I guess back to square 1.   But, we can hope.


Responses

  1. […] deed in lieu, from being treated like taxable income.  I reported on this a few weeks ago here and here when people were being surprised this tax season by hefty state income tax bills. (talk about […]


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