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County of Los Angeles
Department of Consumer Affairs
New Consumer Laws 2009

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TAX BREAKS FOR HOMEOWNERS

SB 1055, Revenue & Taxation Code 17144.5

Effective September 25, 2008

This law allows taxpayers to exclude forgiven mortgage debt from their incomes for state income tax purposes.

May be reprinted for non-commercial use if a credit line is included acknowledging the County of Los Angeles Department of Consumer Affairs.

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For more information:
County of Los Angeles Department of Consumer Affairs
B-96 Kenneth Hahn Hall of Administration
500 W. Temple Street * Los Angeles, CA 90012-2706
Telephone (800) 593-8222 (within the County) * (213) 974-1452
Web site: dca.lacounty.gov