SACRAMENTO, Calif. (AP) — California residents who sell their homes in "short sales" would avoid a tax bite under a bill approved by the state Legislature.
Short sales are when a homeowner sells for less than what is owed to the bank. The bill makes clear that home sellers do not have to count as income the money their lenders forgive on outstanding loans.
The measure by Sen. Lois Wolk, a Democrat from Davis, conforms California to federal tax law.
The measure also lets California renewable energy project developers use federal stimulus money. It's part of Senate Democrats' 27-bill jobs creation package.
The Senate approved Assembly amendments Thursday, sending it to Gov. Arnold Schwarzenegger on a 21-15 vote.
Sen. Lou Correa, a Democrat from Anaheim, says Schwarzenegger is unlikely to sign the bill.
Copyright 2010 The Associated Press.
Tyson Ross lost his bid to pitch the first no-hitter in San Diego Padres' history when center fielder Franchy Cordero appeared to misplay a ball with two outs in the eighth inning Friday night of a 4-1 win over the Arizona Diamondbacks.
A fifth-grade teacher at Rosa Parks Elementary School in the San Diego Unified School District has been arrested for allegedly distributing pornographic images of young girls, including a toddler, authorities announced Friday.
A tragic car crash left a Mount Carmel High School student paralyzed from the chest down, and now, the community is rallying to support him.
New surveillance video shows what happened moments before a car plunged into a sinkhole in East County Monday night.
The San Diego County unemployment rate dropped three- tenths of a percent to 3.2 percent in March as the region continued to add jobs following the holiday season, according to data released Friday by the state Employment Development Department.
San Diego County is generally safer than the U.S. as a whole, though elder abuse and several types of violent crime are on the rise locally, according to a report released Friday,
Described as “Etsy comes to life,” the popular urban-style handmade market is feminine and fun, hosting vendors who make their products by hand. This will be the 24th Queen Bee Market since its creation in 2010.
Described as “Etsy comes to life,” the popular urban-style handmade market is feminine and fun, hosting vendors who make their products by hand. This will be the 24th Queen Bee Market since its creation in 2010. News 8's Ashley Jacobs takes you inside Bing Crosby Hall for a sneak peek at what artisans are showcasing.