On Apr. 1, IDA LEG reported bill on married homestead exemptions.
IDA LEG passed HB 282 re the application of homestead exemptions for those married.
Proposed amendments eliminated the marriage penalty for married debtors.
Amended IDA LEG 55-1002from what property selected reg applicable properties.
Bill Provisions
Currently, the same property cannot be claimed by both spouses, amendments allow for each spouse to separately claim a homestead exemption up to a specified amount.
If a homestead property is sold as part of a bankruptcy proceeding, the sales proceeds cannot be shielded from proceedings, unlike good faith homestead property sales.
Legislative History
On Feb. 20, 2025, bill was introduced in House; on Mar. 3, 2025, bill passed House.
On Mar. 4, 2025, bill introduced in the Senate; on Mar. 20, 2025, amended bill passed.
On Mar. 26, 2025, House concurred; on Apr. 1, 2025, bill was signed into law.
Effectiveness
Bill declares that an emergency exists, therefore bill will become effective Jul. 1, 2025.
