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Senate approves homestead-exemption changes, adds CPI indexing and 529-plan protection
Summary
After substitution and floor discussion about a consumer-price-index adjustment, the Senate approved a substitute for House Bill 230 that creates a CPI-based adjustment to the homestead exemption and adds protections for 529 plans from general creditor collection; sponsor said the Office of State Auditor will publish the annually adjusted amount.
The Senate considered and ultimately passed a substituted version of House Bill 230, described by the floor sponsor as two technical corrections: indexing the homestead exemption to the consumer price index (CPI) and clarifying that certain 529 plans are exempt from collection in bankruptcy for funds deposited at least 18 months before default.
"The reason for the index ... the $30,000 was put in when the…
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