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F I S C A L I M P A C T R E P O R T
SPONSOR SCORC
DATE TYPED 03/04/05 HB
SHORT TITLE Raise & Revise Property Exemption Amounts
SB 361/SCORCS
ANALYST Padilla-Jackson
REVENUE
Estimated Revenue
Subsequent
Years Impact
Recurring
or Non-Rec
Fund
Affected
FY05
FY06
NFI
(Parenthesis ( ) Indicate Revenue Decreases)
SOURCES OF INFORMATION
LFC Files
Responses Received From
Taxation and Revenue Department (TRD)
SUMMARY
Synopsis of Bill
The Senate Corporations and Transportation Committee substitute for Senate Bill 361 increases
the amount of property exempted from receivers or trustees in bankruptcy or other insolvency
proceedings, fines, attachment, execution or foreclosure by a judgment creditor. Property, as
used in this bill, includes personal property and a person’s homestead. The bill increases the
amount of personal property exempted for married persons or heads of household and persons
who support only themselves as follows:
•
Personal property from $500 to $5,000
•
Tools of the trade from $1,500 to $3,500
•
One motor vehicle from $4,000 to $10,000
•
Jewelry from $2,500 to $5,000
The homestead exemption increases from $30,000 to $60,000, and if the homestead is jointly
owned, then the newly increased exemption would apply to each owner. If a person does not
own a homestead, then the exemption on personal property would increase from $2,000 to
$5,000.