2006 Legislation
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SENATE BILL NO. 1399 – Homestead exmptn, increased


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Bill Status

S1399................................................by JUDICIARY AND RULES
HOMESTEAD EXEMPTION - Amends existing law relating to homesteads to
increase the maximum permitted homestead exemption amount.
02/14    Senate intro - 1st rdg - to printing
02/15    Rpt prt - to Jud
02/21    Rpt out - rec d/p - to 2nd rdg
02/22    2nd rdg - to 3rd rdg
02/24    3rd rdg - PASSED - 35-0-0
      AYES -- Andreason, Brandt(Harper), Broadsword, Bunderson, Burkett,
      Burtenshaw, Cameron, Coiner, Compton, Corder, Darrington, Davis,
      Fulcher, Gannon, Geddes, Goedde, Hill, Jorgenson, Kelly, Keough,
      Langhorst, Little, Lodge, Malepeai, Marley, McGee, McKenzie, Pearce,
      Richardson, Schroeder, Stegner, Stennett, Sweet, Werk, Williams
      NAYS -- None
      Absent and excused -- None
    Floor Sponsors - Keough & Davis
    Title apvd - to House
02/27    House intro - 1st rdg - to Jud
03/10    Rpt out - rec d/p - to 2nd rdg
03/13    2nd rdg - to 3rd rdg
03/23    3rd rdg - PASSED - 68-0-2
      AYES -- Anderson, Andrus, Barraclough, Barrett, Bastian, Bayer,
      Bedke, Bell, Bilbao, Black, Block, Boe, Bolz, Brackett, Bradford,
      Cannon, Chadderdon, Clark, Collins, Crow, Deal, Denney, Edmunson,
      Ellsworth, Eskridge, Field(18), Field(23), Garrett, Hart, Harwood,
      Henbest, Henderson, Jaquet, Kemp, LeFavour, Loertscher, Martinez,
      Mathews, McGeachin, McKague, Miller, Mitchell, Moyle, Nielsen,
      Nonini, Pasley-Stuart, Pence, Raybould, Ring, Ringo, Roberts, Rusche,
      Rydalch, Sayler, Schaefer, Shepherd(2), Shepherd(8), Shirley,
      Skippen, Smith(30), Smith(24), Smylie, Snodgrass, Stevenson, Trail,
      Wills, Wood, Mr. Speaker
      NAYS -- None
      Absent and excused -- Lake, Sali
    Floor Sponsor - Clark
    Title apvd - to Senate
03/24    To enrol
03/27    Rpt enrol - Pres signed
03/28    Sp signed
03/29    To Governor
03/30    Governor signed
         Session Law Chapter 262
         Effective: 03/30/06

Bill Text

  ]]]]              LEGISLATURE OF THE STATE OF IDAHO             ]]]]
 Fifty-eighth Legislature                   Second Regular Session - 2006
                                       IN THE SENATE
                                    SENATE BILL NO. 1399
                              BY JUDICIARY AND RULES COMMITTEE
  1                                        AN ACT
  4    Be It Enacted by the Legislature of the State of Idaho:
  5        SECTION  1.  That  Section 55-1003, Idaho Code, be, and the same is hereby
  6    amended to read as follows:
  7        55-1003.  HOMESTEAD EXEMPTION LIMITED. A homestead may consist  of  lands,
  8    as described in section 55-1001, Idaho Code, regardless of area, but the home-
  9    stead  exemption amount shall not exceed the lesser of (i) the total net value
 10    of the lands, mobile home, and improvements as described in  section  55-1001,
 11    Idaho   Code;   or  (ii)  the  sum  of  fifty  one  hundred  thousand  dollars
 12    ($50100,000).
 13        SECTION 2.  An emergency existing  therefor,  which  emergency  is  hereby
 14    declared to exist, this act shall be in full force and effect on and after its
 15    passage and approval.

Statement of Purpose / Fiscal Impact

                       STATEMENT OF PURPOSE

                            RS 15890C1

     The purpose of this legislation is to adjust the limitation
on the homestead exemption allowed in collections and bankruptcy

     This bill raises the exemption from $50,000.00 to

     This homestead exemption has not been adjusted since 1992.  

                           FISCAL NOTE

     There is no fiscal impact on the state general fund. 

Name:  Senator Shawn Keough
       Senator Bart Davis
Phone: 208-332-1000

STATEMENT OF PURPOSE/FISCAL NOTE                        S 1399