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Senate debate sharpens over $40,000 homestead exemption, Roth IRA protection added
Summary
Senators split over raising Utah's homestead exemption to $40,000 and adding Roth IRAs to exempt accounts; supporters cited inflation and regional comparisons while opponents warned the change could encourage bankruptcy filings. The measure passed to third reading.
Senators debated Substitute House Bill 69 on Feb. 18, which combines three changes to Utah's exemptions law: statutory cleanup related to the state constitution, addition of Roth IRA (408A) accounts to the list of exempt accounts, and an increase in the homestead exemption from $20,000 to $40,000 for a married couple.
Sponsor Senator Valentine framed the bill as a package that corrects statutory language and modernizes exemptions. "At $40,000 we'd still be the lowest" among the…
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