Bill > SB1540

This bill makes several significant changes to Arizona's homestead and personal property exemption laws. It expands the definition of homestead to include various types of residential shelters like mobile homes, park model trailers, and manufactured homes, and clarifies that the exemption covers both the shelter and the land it sits on. The bill increases the homestead exemption value to $400,000 and stipulates that this amount will be annually adjusted for inflation starting January 1, 2024, with the adjustment calculated using the Consumer Price Index. The legislation also provides specific provisions for homestead exemptions in bankruptcy cases, stating that if a debtor's homestead value is within the exemption limit at the time of filing, the entire property remains exempt even if its value increases during the bankruptcy proceedings. Additionally, the bill adds a new exemption for federal and state earned income and child tax credits, allowing individuals to protect these tax refunds from creditors. The bill also modifies language around personal property exemptions, making technical clarifications about age requirements and expanding protections for various types of financial assets and insurance benefits.

Budget and Finance, Business and Industry

https://apps.azleg.gov/BillStatus/BillOverview/82978