HB1024: HB1024 Property; debtor's aggregate interest in real property or personal property used as a residence; revise exemption

26 LC 62 0410S/AP 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 to1 exemptions for purposes of bankruptcy and intestate insolvent e states, so as to revise the2 exemption for a debtor's aggregate interest in real property or personal property that the3 debtor or a dependent of the debtor uses as a residence, in a cooperative that owns property4 that the debtor or a dependent of the debtor uses as a residence, or in a burial plot; to provide5 for such exemption for the primary residence of spouses; to provide for certain increases to6 such exemption; to provide for related matters; to repeal confl icting laws; and for other7 purposes.8 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:9 SECTION 1.10 Code Section 44-13-100 of the Official Code of Georgia Annotated, relating to exemptions11 for purposes of bankruptcy and intestate insolvent estates, is amended by revising12 paragraph (1) of subsection (a) as follows:13 "(1)(A) The debtor's aggregate interest, not to exceed $21,500.00 $50,000.00 in value,14 in real property or personal property that the debtor or a dependent of the debtor uses15 as a residence, in a cooperative that owns property that the debtor or a dependent of the16 debtor uses as a residence, or in a burial plot for the debtor or a dependent of the debtor;17 H. B. 1024 - 1 - 26 LC 62 0410S/AP provided, however, that beginning July 1, 2031, and annually th ereafter, such18 exemption shall be revised by being multiplied by the inflation rate of the prior year. 19 In the event title to property used for the exemption provided under this paragraph is20 in one of two spouses who is a debtor, and such property is the primary residence of21 both spouses, the amount of the exemption hereunder shall be $43,000.00 $100,000.00;22 provided, however, that, beginning July 1, 2031, and annually t hereafter, such23 exemption shall be revised by being multiplied by the inflation rate of the prior year;24 (B) As used in this paragraph, the term 'inflation rate' means the annual inflationary25 index rate as determined for a given year by the state revenue commissioner by26 promulgating a standardized method for determining annual infla tionary index rates27 which reflect the effects of inflation and deflation on the cost of living for residents of28 this state for a given calendar year. Such method may utilize the Consumer Price Index29 as reported by the Bureau of Labor Statistics of the United States Department of Labor30 or any other similar index established by the federal governmen t if the state revenue31 commissioner determines that such federal index fairly reflects the effects of inflation32 and deflation on the cost of living for residents of this state."33 SECTION 2.34 All laws and parts of laws in conflict with this Act are repealed.35 H. B. 1024 - 2 -