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ENGROSSED HOUSE
BILL NO. 4150 By: Schreiber, Pae, and Hefner
of the House
and
Haste of the Senate
An Act relating to homestead and exemptions; amending
31 O.S. 2021, Section 1, which relates to property
exempt from bankruptcy procee dings; expanding
exemption to include proceeds related to retirement
plans or arrangements qualified for tax exemption or
deferment purposes; and providing an effective date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 31 O.S. 2021, Section 1, is
amended to read as follows:
Section 1. A. Except as otherwise provided in this title and
notwithstanding subsection B of this section, the follo wing property
shall be reserved to every person re siding in the state, exempt from
attachment or execution and every other species of forced sal e for
the payment of debts, except as herein provided:
1. The home of such person, provided that such home is t he
principal residence of such person;
2. A manufactured home, provided that such manufactured home is
the principal residence of such person;
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3. All household and kitchen furniture held primarily for the
personal, family, educational or household use of such person or a
dependent of such person , including a personal computer and related
equipment;
4. Any lot or lots in a cemetery held for the purpose of
sepulcher;
5. Implements of husbandry necessary to farm the homestead and
tools, apparatus and books used in any trade or profession of such
person or a dependent of such person, not to exceed Ten Thousand
Dollars ($10,000.00) in aggregate valu e;
6. All books, portraits and pictures that are held primarily
for the personal, family or household use of su ch person or a
dependent of such person;
7. The person's interest, not to exceed Four Thousand Dollars
($4,000.00) in aggregate value, in weari ng apparel that is held
primarily for the personal, family or household use of such person
or a dependent of suc h person;
8. The person's interest, not to exceed Three Thousand Dollars
($3,000.00) in aggregate value, in wedding and anniversary rings;
9. All professionally prescribed health aids for such person or
a dependent of such person;
10. Five milk cows and their calves under six (6) months old,
that are held primarily for the personal, family or household use of
such person or a dependent of such person;
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11. One hundred chickens, that are held primarily for the
personal, family or household use of such per son or a dependent of
such person;
12. Two horses and two bridles and two saddles, that are held
primarily for the personal, family or househol d use of such person
or a dependent of such person;
13. Such person's interest, not to exceed Seven Thousand Five
Hundred Dollars ($7,500.00) in value, in one motor vehicle;
14. Guns, not to exceed Two Thousand Dollars ($2,000.00) in
aggregate value, that are held primarily for the personal, family or
household use of such person or a dependent of such person , provided
that nothing in this subsection shall be con strued to allow a person
to exempt guns which are used mainly as an investment or
nonpersonal, family or household use;
15. Ten hogs, that are held primarily for the personal, family
or household use of su ch person or a dependent of such person;
16. Twenty head of sheep, that are held primarily for the
personal, family or household use of such pe rson or a dependent of
such person;
17. All provisions and forage on hand, or growing for home
consumption, and for the use of exempt stock for one (1) year;
18. Seventy-five percent (75%) of all current wages or earnings
for personal or professional ser vices earned during the last ninety
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(90) days, except as provided in Title 12 of the Oklahoma Statutes
in garnishment proceedings for collection of child support;
19. Such person's right to receive alimony, support, separate
maintenance or child support p ayments to the extent reasonably
necessary for the support of such person and any dependent of such
person;
20. Subject to the Uniform Fraudulent Transfer Act, S ection 112
et seq. of Title 24 of the Oklahoma Statutes, any interest in a
retirement plan or arrangement qualified for tax exemption or
deferment purposes under present or future Acts of Congress
including any distributions from said plan or arrangement ; provided,
any transfer or rollover contribution between retirement plans or
arrangements which avoids current federal income taxati on shall not
be deemed a transfer which is fraudulent as to a creditor unde r the
Uniform Fraudulent Transfer Act. "Retirement plan or arrangement
qualified for tax exemption purposes " shall include without
limitation, trusts, custodial accounts, insurance , annuity contracts
and other properties and rights constituting a part the reof. By way
of example and not by limitation, re tirement plans or arrangements
qualified for tax exemption or deferment purposes permitted und er
present Acts of Congress include d efined contribution plans and
defined benefit plans as defined under the In ternal Revenue Code
("IRC"), individual retirement accounts, individual retirement
annuities, simplified employee pension plans, Keogh plans, IR C
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Section 403(a) annuity plans, IRC S ection 403(b) annuities, Roth
individual retirement accounts created pursua nt to IRC Section 408A,
educational individual ret irement accounts created pursuant to IRC
Section 530 and eligible state deferred compensation plans governed
under IRC Section 457. This provision shall be in addition to and
not a limitation of any other provision of the Oklahoma Statutes
which grants an exemption from attachment or execution and every
other species of forced sale for the payment of debts. This
provision shall be e ffective for retirement plans and arrangements
in existence on, or created after April 16, 1987;
21. Such person's interest in a claim for personal bodily
injury, death or workers ' compensation claim, for a net amount not
in excess of Fifty Thousand Dolla rs ($50,000.00), but not including
any claim for exemplary or punitive dama ges;
22. Funds in an individual development accou nt established
pursuant to the provisions of Section 251 et seq. of Title 56 of the
Oklahoma Statutes;
23. Any amount received pur suant to the federal earned income
tax credit; and
24. Any interest in an Oklahoma College Savings Plan account
established pursuant to the provisions of Section 3970.1 et seq. of
Title 70 of the Oklahoma Statutes.
B. No natural person residing in this s tate may exempt from the
property of the estate in any bankruptcy proceedin g the property
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specified in subsection (d) of Sect ion 522 of the Bankruptcy Reform
Act of 1978, Public Law 95 -598, 11 U.S.C.A. 101 et seq., exce pt as
may otherwise be expressly perm itted under this title or other
statutes of this state.
SECTION 2. This act shall become effective November 1, 2024.
Passed the House of Representatives the 13th day of March, 2024.
Presiding Officer of the House
of Representatives
Passed the Senate the ___ day of __________, 2024.
Presiding Officer of the Senate