For release:
May 23, 2013
California Senate Leadership
seeks to punish homeowners
and REALTORS®
for opposing $75 recording tax
LOS ANGELES (May 23) – This morning
the Senate Appropriations Committee
approved Senate Bill 30 (R. Calderon),
which would extend existing provisions
of state law protecting homeowners from
having to pay income tax on a "short sale."
SB 30 is sponsored by the CALIFORNIA
ASSOCIATION OF REALTORS® (C.A.R.).
However, in a surprise amendment, SB 30
was linked by the committee to another bill
that REALTORS®, as well the county recorders,
assessors and title industry, oppose.
California Senate Leadership
seeks to punish homeowners
and REALTORS®
for opposing $75 recording tax
LOS ANGELES (May 23) – This morning
the Senate Appropriations Committee
approved Senate Bill 30 (R. Calderon),
which would extend existing provisions
of state law protecting homeowners from
having to pay income tax on a "short sale."
SB 30 is sponsored by the CALIFORNIA
ASSOCIATION OF REALTORS® (C.A.R.).
However, in a surprise amendment, SB 30
was linked by the committee to another bill
that REALTORS®, as well the county recorders,
assessors and title industry, oppose.
That measure, Senate Bill 391 (DeSaulnier),
would establish a $75 per document
recording tax to fund an affordable
housing trust fund. C.A.R. is
opposing SB 391 because it unfairly adds
to the cost of recording real estate documents.
"Families that are forced to make the
difficult decision to sell their home as a
short sale are already in financial trouble.
And, that financial trouble may be due to a
serious illness and/or loss of employment.
They simply can’t afford to pay an
additional tax on money they’ve never
actually received," stated C.A.R.
President Don Faught. "I'm outraged --
as should the voters of California --
that the Senate leadership would approve
linking the fate of SB 30 to that of SB 391,
effectively holding California property owners hostage."
Web Resource:
http://www.car.org/newsstand/newsreleases/2013releases/sb30sb391
