The Florida Senate
BILL ANALYSIS AND FISCAL IMPACT STATEMENT
(This document is based on the provisions contained in the legislation as of the latest date listed below.)
Prepared By: The Professional Staff of the Committee on Rules
BILL: SB 158
INTRODUCER: Senator Polsky
SUBJECT: Value of Motor Vehicles Exempt from Legal Process
DATE: January 29, 2024
ANALYST STAFF DIRECTOR REFERENCE ACTION
1. Davis Cibula JU Favorable
2. Hackett Ryon CA Favorable
3. Davis Twogood RC Favorable
I. Summary:
SB 158 increases from $1,000 to $5,000, the maximum value of a debtor’s motor vehicle that is
exempt from attachment, garnishment, or other legal process. The $1,000 amount was
established in 1993 and has not been increased since then.
The bill takes effect July 1, 2024.
II. Present Situation:
The Florida Constitution protects a homestead, used as a residence, and personal property that
does not exceed $1,000, from the forced sale by creditors.
1
The purpose of the homestead
exemption is a matter of public policy - to maintain the home as a shelter for a family and
prevent the family from becoming dependent on public assistance.
2
In a similar manner, the Florida Statutes protect certain assets from the claims of creditors.
Chapter 222 exempts, or protects, the following items:
A life insurance policy.
3
The cash surrender value of a life insurance policy and the proceeds of an annuity contract.
4
Disability income benefits.
5
Pension money and funds placed in certain tax-exempt accounts.
6
1
FLA. CONST. art. X, s. 4.
2
28A Fla. Jur. 2d Homesteads s. 3. (2023).
3
Section 222.13(1), F.S.
4
Section 222.14, F.S.
5
Section 222.18, F.S.
6
Section 222.21, F.S.
REVISED: BILL: SB 158 Page 2
Assets held in qualified tuition programs, health savings and medical savings accounts,
Coverdell education savings accounts, which are also known as an educational IRA, and
hurricane savings accounts.
7
Certain wages, unless the person has agreed in writing to waive the exemption.
8
Personal property when properly inventoried and filed with a court.
9
Professionally prescribed health aids for the debtor or his or her dependent.
10
Items exempted under the federal Bankruptcy Reform Act of 1978 including a social security
benefit, unemployment compensation, or a local public assistance benefit; a veterans’
benefit; a disability, illness, or unemployment benefit; alimony, support, or separate
maintenance, to the extent reasonably necessary for the support of the debtor and his or her
dependent; and payments under a stock bonus, pension, profit-sharing, annuity, or similar
plan under specified circumstances.
11
A debtor’s interest in a single motor vehicle which does not exceed $1,000 in value.
12
III. Effect of Proposed Changes:
The bill increases the value of an exempt motor vehicle from $1,000 to $5,000. This $1,000 limit
was placed in statute in 1993 and has not been increased since.
13
According to the U.S. Bureau of Labor Statistics Consumer Price Index Inflation Calculator,
14
$1,000 in October 1993 is the equivalent of $2,107.42 in November 2023.
The bill takes effect July 1, 2024.
IV. Constitutional Issues:
A. Municipality/County Mandates Restrictions:
None.
B. Public Records/Open Meetings Issues:
None.
C. Trust Funds Restrictions:
None.
7
Section 222.22, F.S.
8
Section 222.11, F.S.
9
Section 222.061, F.S.
10
Section 222.25, F.S.
11
Section 222.201, F.S. and 11 U.S. Code s. 522(d)(10).
12
Section 222.25(1), F.S.
13
Chapter 93-256, s. 3, Laws of Fla.
14
U.S. Bureau of Labor Statistics, CPI Inflation Calculator, https://www.bls.gov/data/inflation_calculator.htm (last visited on
Jan. 4, 2024). BILL: SB 158 Page 3
D. State Tax or Fee Increases:
None.
E. Other Constitutional Issues:
None identified.
V. Fiscal Impact Statement:
A. Tax/Fee Issues:
None.
B. Private Sector Impact:
None.
C. Government Sector Impact:
None.
VI. Technical Deficiencies:
None.
VII. Related Issues:
None.
VIII. Statutes Affected:
This bill substantially amends section 222.25 of the Florida Statutes.
IX. Additional Information:
A. Committee Substitute – Statement of Changes:
(Summarizing differences between the Committee Substitute and the prior version of the bill.)
None.
B. Amendments:
None.
This Senate Bill Analysis does not reflect the intent or official position of the bill’s introducer or the Florida Senate.