South Bay Metro Green Line Extension Community Meetings

You are invited to a public scoping meeting for the South Bay Metro Green Line Extension to help us shape future transit service for the South Bay and improve mobility in southwest LA County.

These meetings are the first of many opportunities to learn about and provide input on the alternatives to be studied in the South Bay Metro Green Line Extension Draft Environmental Impact Statement/Environmental Impact Report (Draft EIS/EIR). Content presented at the meetings will be identical, so please attend at the time and location most convenient for you.

Monday, April 26, 2010
6-8pm
Nakano Theater
3330 Civic Center Dr
Torrance, CA 90503

Wednesday, April 28, 2010
6-8pm
North Redondo Senior Center
Perry Park
2308 Rockefeller Ln
Redondo Beach, CA 90278

Saturday, May 1, 2010
10am-12pm
Lawndale City Hall
14717 Burin Av
Lawndale, CA 90260

Wednesday, May 5, 2010
6-8pm
Automobile Driving Museum
610 Lairport St
El Segundo, CA 90245

Meeting Agenda
• Open House
• Presentation
• Public Comment

For more information, visit: metro.net/southbayextension. Please feel free to share this invitation with your neighbors and colleagues.

California won’t tax forgiven mortgage debt

Governor Schwarzenegger on Monday signed SB 401 (Wolk) into law providing distressed homeowners with state tax exemption on debt forgiven in a short sale, foreclosure, or loan modification. Effective immediately, this bill generally aligns California's tax treatment of mortgage debt relief income with federal law. For debt forgiven on a loan secured by a qualified principal residence, borrowers now will be exempt both from federal and state income tax consequences. The tax exemptions apply, with certain restrictions, to debts discharged from 2009 through 2012. Californians who have already filed their 2009 tax returns may claim the exemption by filing a Form 540X amendment.

Taxpayers who do not qualify for the above exemptions (e.g., second home or rental property) may nevertheless be exempt under other provisions. Most notably, taxpayers who are bankrupt are exempt from debt relief income tax. Also, taxpayers who are insolvent are exempt from debt relief income tax to the extent their current liabilities exceed current assets.

Source: California Association of REALTORS®