House Bill 1024 (AS PASSED HOUSE AND SENATE)
By: Representatives Hong of the 103rd, Reeves of the 99th, and Leverett of the 123rd
A BILL TO BE ENTITLED
AN ACT
To amend Code Section 44-13-100 of the Official Code of Georgia Annotated, relating to
exemptions for purposes of bankruptcy and intestate insolvent estates, so as to revise the
exemption for a debtor's aggregate interest in real property or personal property that the
debtor or a dependent of the debtor uses as a residence, in a cooperative that owns property
that the debtor or a dependent of the debtor uses as a residence, or in a burial plot; to provide
for such exemption for the primary residence of spouses; to provide for certain increases to
such exemption; to provide for related matters; to repeal conflicting laws; and for other
purposes.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION 1.
Code Section 44-13-100 of the Official Code of Georgia Annotated, relating to exemptions
for purposes of bankruptcy and intestate insolvent estates, is amended by revising
paragraph (1) of subsection (a) as follows:
"(1)(A) The debtor's aggregate interest, not to exceed <del>$21,500.00</del> <ins>$50,000.00</ins> in value,
in real property or personal property that the debtor or a dependent of the debtor uses
as a residence, in a cooperative that owns property that the debtor or a dependent of the
debtor uses as a residence, or in a burial plot for the debtor or a dependent of the debtor;
<ins>provided, however, that beginning July 1, 2031, and annually thereafter, such
exemption shall be revised by being multiplied by the inflation rate of the prior year.
</ins> In the event title to property used for the exemption provided under this paragraph is
in one of two spouses who is a debtor, <ins>and such property is the primary residence of
both spouses,</ins> the amount of the exemption hereunder shall be <del>$43,000.00</del> <ins>$100,000.00;
provided, however, that, beginning July 1, 2031, and annually thereafter, such
exemption shall be revised by being multiplied by the inflation rate of the prior year;
(B) As used in this paragraph, the term 'inflation rate' means the annual inflationary
index rate as determined for a given year by the state revenue commissioner by
promulgating a standardized method for determining annual inflationary index rates
which reflect the effects of inflation and deflation on the cost of living for residents of
this state for a given calendar year. Such method may utilize the Consumer Price Index
as reported by the Bureau of Labor Statistics of the United States Department of Labor
or any other similar index established by the federal government if the state revenue
commissioner determines that such federal index fairly reflects the effects of inflation
and deflation on the cost of living for residents of this state."
</ins> SECTION 2.
All laws and parts of laws in conflict with this Act are repealed.