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House committee advances bill to remove 'marriage penalty' in homestead exemption, limit bankruptcy reinvestment rule
Summary
The House Business Committee voted Feb. 27 to send House Bill 282 to the House floor. The bill would treat married couples the same as two individuals for Idaho’s homestead exemption (doubling protection in many cases) and would change how a reinvestment requirement applies in bankruptcy cases.
The House Business Committee on Feb. 27 recommended House Bill 282 to the full House with a due-pass recommendation. Sponsor Representative Lance Clow and legal expert Alexandra (Alex) Gaval told the committee the bill has two principal effects: remove a marriage-based limit in Idaho’s homestead exemption and clarify that the statutory “reinvestment” requirement for homestead proceeds does not apply in bankruptcy cases.
Under current Idaho law the homestead exemption is $175,000. As described to the committee, two unmarried individuals who co-own a homestead may each…
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