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Senate moves bill to raise homestead exemption and add motor-vehicle and IRA protections amid extended debate
Summary
Senate Bill 91 — revising Utah’s exemptions law to raise the homestead exemption from $8,000 to $15,000 per person (and $30,000 for joint filers), add a $2,500 motor-vehicle exemption and explicitly include IRAs among retirement-account exemptions — was debated at length. Senators questioned bankruptcy incentives, lien priority, and whether retirement accounts should have caps; the bill was placed on the third‑reading calendar.
Senators spent substantial floor time on Feb. 10 debating Senate Bill 91, which would amend Utah’s Exemptions Act by increasing several exemptions available to debtors in bankruptcy.
Sponsor Senator Ronald Oakey described the major changes: increasing the homestead exemption from $8,000 to $15,000 per person (yielding a $30,000 total for joint filers), adding a $2,500 motor‑vehicle exemption (not limited to vehicles used in a trade), and explicitly referencing Internal Revenue Code Section 408 to ensure IRAs are…
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