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Senate committee advances bill to shield EITC, add $10,000 bankruptcy 'wild card'
Summary
A Senate Revenue and Taxation committee substitute to the Utah Exemptions Act would allow a $10,000 'wild card' exemption for unused homestead equity and exempt federal Earned Income Tax Credit refunds from bankruptcy trustees; sponsors say it aids renters and the working poor, while banking groups urged more negotiation.
Senate committee members on Jan. 28 advanced a substitute to the Utah Exemptions Act that would add a limited "wild card" exemption for unused homestead equity and bar bankruptcy trustees from seizing federal refundable tax credits.
Senator Wyler, the bill sponsor, said the package responds to long‑standing gaps created when Utah opted out of the federal bankruptcy exemption scheme in 1978. Retired federal bankruptcy judge Joel Marker, who helped draft the language, told the committee the substitute includes two policy changes: a $10,000…
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