CA - Finally gets tax relief for 2013 Mortgage Debt Foregiveness!

Last week the CA State Senate passed Senate Bill 30 which give CA tax filers tax exemption for debt foregiveness for 2013.  According the state this could save CA tax filers $39 million.  This is only for one year and the State now conforms with the IRS for this type of exemption.  So if you filed a return with CA income from debt foregiveness for 2013 you should review to determine if an amended tax return should be filed.