Reference is to the bill as introduced.
Amend the bill, as and if amended, by striking all after the enacting words and inserting:
/ SECTION 1. Section 15-41-30(A) of the 1976 Code, as last amended by Act 153 of 2012, is further amended to read:
"(A) The following
real and personal property of a debtor domiciled in this State
is exempt from attachment, levy, and sale under any mesne or
final process issued by a court or bankruptcy proceeding:
(1)(a)
The debtor's aggregate interest, not to exceed
fifty thousand dollars in value, in real property or
personal property that the debtor or a dependent of the debtor
uses as a residence, in a cooperative that owns property that
the debtor or a dependent of the debtor uses as a residence, or
in a burial plot for the debtor or a dependent of the debtor,
except that the aggregate value of multiple homestead exemptions
allowable with respect to a single living unit may not exceed
one hundred thousand dollars. If there are multiple owners of
such a living unit exempt as a homestead, the value of the
exemption of each individual owner may not exceed his fractional
portion of one hundred thousand dollars.
(b)
A surviving spouse may exempt, in addition to the
aggregate interest, not to exceed fifty thousand dollars, owned
in the residence prior to the death of the decedent spouse, the
aggregate interest to which the surviving spouse succeeded by
inheritance, testamentary transfer, or non-probate transfer on
the death of the decedent spouse, not to exceed fifty thousand
dollars. For purposes of this subsection, a surviving spouse
means a spouse married to the decedent at the time of the death,
who has not remarried, and who is living in the residence or
cooperative that is used as a residence.
(2)
The debtor's interest, not to exceed five thousand dollars
in value, in one motor vehicle.
(3)
The debtor's interest, not to exceed four thousand dollars
in aggregate value in household furnishings, household goods,
wearing apparel, appliances, books, animals, crops, or musical
instruments, that are held primarily for the personal, family,
or household use of the debtor or a dependent of the debtor.
(4)
The debtor's aggregate interest, not to exceed one
thousand dollars in value, in jewelry held primarily for the
personal, family, or household use of the debtor or a dependent
of the debtor.
(5)
The debtor's aggregate interest in cash and other liquid
assets to the extent of a value not exceeding five thousand
dollars, except that this exemption is available only to an
individual who does not claim a homestead exemption. The term
'liquid assets' includes deposits, securities, notes, drafts,
unpaid earnings not otherwise exempt, accrued vacation pay,
refunds, prepayments, and other receivables.
(6)
The debtor's aggregate interest, not to exceed one
thousand five hundred dollars in value, in any implements,
professional books, or tools of the trade of the debtor or the
trade of a dependent of the debtor.
(7)
The debtor's aggregate interest in any property, not to
exceed five thousand dollars in value of an unused exemption
amount to which the debtor is entitled pursuant to subsection
(A), items (1) through (6).
(8)
Any unmatured life insurance contract owned by the debtor,
other than a credit life insurance contract.
(9)
The debtor's aggregate interest, not to exceed in value
four thousand dollars less any amount of property of the estate
transferred in the manner specified in Section 542(d) of the
Bankruptcy Code of 1978, in any accrued dividend or interest
under, or loan value of, any unmatured life insurance contract
owned by the debtor under which the insured is the debtor or an
individual of whom the debtor is a dependent.
(10)
Professionally prescribed health aids for the debtor or a
dependent of the debtor.
(11)
The debtor's right to receive or property that is
traceable to:
(a)
a social security benefit, unemployment compensation, or a
local public assistance benefit;
(b)
a veteran's benefit;
(c)
a disability benefit, except as provided in Section
15-41-33, or an illness or unemployment benefit;
(d)
alimony, support, or separate maintenance; or
(e)
a payment under a stock bonus, pension, profit sharing,
annuity, or similar plan or contract on account of illness,
disability, death, age, or length of service, unless:
(i)
the plan or contract was established
by or under the auspices of an insider that employed the debtor
at the time the debtor's rights under the plan or contract
arose;
(ii)
the payment is on account of age or length of service;
and
(iii)
the plan or contract does not qualify under Sections
401(a), 403(a), 403(b), or 409 of the Internal Revenue Code of
1954 (26 U.S.C. 401(a), 403(a), 403(b), or 409).
(12)
The debtor's right to receive or property that is
traceable to:
(a)
an award under a crime victim's reparation law;
(b)
a payment on account of the bodily injury of the debtor or
of the wrongful death or bodily injury of another individual of
whom the debtor was or is a dependent; or
(c)
a payment under a life insurance contract that insured the
life of an individual of whom the debtor was a dependent on the
date of that individual's death, to the extent reasonably
necessary for the support of the debtor and any dependent of the
debtor.
(13)
The debtor's right to receive individual retirement
accounts as described in Sections 408(a) and 408A of the
Internal Revenue Code, individual retirement annuities as
described in Section 408(b) of the Internal Revenue Code, and
accounts established as part of a trust described in Section
408(c) of the Internal Revenue Code. A claimed exemption may be
reduced or eliminated by the amount of a fraudulent conveyance
into the individual retirement account or other plan. For
purposes of this item, 'Internal Revenue Code' has the meaning
provided in Section 12-6-40(A). The interest of an individual
under a retirement plan shall be exempt from creditor process to
the same extent permitted in Section 522(d) under federal
bankruptcy law and is an exception to Section 15-41-35. The
exemption provided by this section shall be available whether
such individual has an interest in the retirement plan as a
participant, beneficiary, contingent annuitant, alternate payee,
or otherwise.
(14)
The debtor's interest in a pension plan qualified under
the Employee Retirement Income Security Act of 1974, as
amended.
(15)
The debtor's aggregate interest, not to exceed
ten thousand dollars in value, in any rifle, shotgun, pistol, or
any combination of those owned by the debtor."
SECTION 2. This act takes effect upon approval by the Governor. /
Renumber sections to conform.
Amend title to conform.