Debt Forgiveness Act Extension Update


(Article courtesy of the Law Office of Atty. Steve Beede, Nov. 27, 2012)

Attorney Robert Enos of our office was on the phone today with the Office of Representative Charles Rangel (D-NY) concerning the status of the extension of the Debt Forgiveness Act. Rangel is Chairman of the U.S. House Banking and Finance Committee and is directly involved in the legislation to extend the Act as well as in the ongoing negotiations concerning the so-called “Fiscal Cliff ” (read more about this in my E-News tomorrow morning).

According to Rangle, there is a 98% chance of approval of extension of the Act at least through 2013. There are many Bills currently in play and there is widespread support for extension. So what is now being decided is what Bill to attach the extension to as a compromise is worked out between the House and Senate versions. He expects that a vote will be taken before Christmas. If not, we would expect a vote somewhere in early 2013 which would be retroactive to January 1st. I’ll follow-up with more info as it becomes available.

Meanwhile, if you have questions concerning political issues or the process please feel free to contact Rob at rjenos@bpelaw.com. Also, Rob serves on the Placer County Tax Assessor Appeals Board and is very knowledgeable on issues of valuation and taxation as well as all the real estate and business issues we deal with here at BPE Law.

Steve Beede

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