Oklahoma 2024 Regular Session

Oklahoma House Bill HB4150 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	An Act
2		-	ENROLLED HOUSE
	1	+
	2	+
	3	+	SENATE FLOOR VERSION - HB4150 SFLR Page 1
	4	+	(Bold face denotes Committee Amendments) 1
	5	+	2
	6	+	3
	7	+	4
	8	+	5
	9	+	6
	10	+	7
	11	+	8
	12	+	9
	13	+	10
	14	+	11
	15	+	12
	16	+	13
	17	+	14
	18	+	15
	19	+	16
	20	+	17
	21	+	18
	22	+	19
	23	+	20
	24	+	21
	25	+	22
	26	+	23
	27	+	24
	28	+
	29	+	SENATE FLOOR VERSION
	30	+	April 2, 2024
	31	+
	32	+
	33	+	ENGROSSED HOUSE
3	34		BILL NO. 4150 By: Schreiber, Pae, and Hefner
4	35		of the House
5	36
6	37		and
7	38
8	39		Haste of the Senate
9	40
10	41
11	42
12	43
13	44
14	45		An Act relating to homestead and exemptions; amending
15	46		31 O.S. 2021, Section 1, which relates to property
16	47		exempt from bankruptcy proceedings; expanding
17	48		exemption to include proceeds related to retirement
18	49		plans or arrangements qualified for tax exemption or
19	50		deferment purposes; and providing an effective date.
20	51
21	52
22	53
23	54
24		-	SUBJECT: Homestead and exemptions
25		-
26	55		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA :
27		-
28	56		SECTION 1. AMENDATORY 31 O.S. 2021, Section 1, is
29	57		amended to read as follows:
30		-
31	58		Section 1. A. Except as otherwise provided in this title and
32	59		notwithstanding subsection B of this section, the following property
33	60		shall be reserved to every person residing in the state, exempt from
34	61		attachment or execution and every other species of forced sale for
35	62		the payment of debts, except as herein provided:
36		-
37	63		1. The home of such person, pro vided that such home is the
38	64		principal residence of such p erson;
39	65
	66	+	SENATE FLOOR VERSION - HB4150 SFLR Page 2
	67	+	(Bold face denotes Committee Amendments) 1
	68	+	2
	69	+	3
	70	+	4
	71	+	5
	72	+	6
	73	+	7
	74	+	8
	75	+	9
	76	+	10
	77	+	11
	78	+	12
	79	+	13
	80	+	14
	81	+	15
	82	+	16
	83	+	17
	84	+	18
	85	+	19
	86	+	20
	87	+	21
	88	+	22
	89	+	23
	90	+	24
	91	+
40	92		2. A manufactured home, provided that such manufactured home is
41	93		the principal residence of such person;
42		-
43	94		3. All household and kitchen furniture held primarily for the
44	95		personal, family, educational or household use of such person or a
45	96		dependent of such person, including a personal computer and related
46		-	equipment; ENR. H. B. NO. 4150 Page 2
47		-
	97	+	equipment;
48	98		4. Any lot or lots in a cemetery held for the purpose of
49	99		sepulcher;
50		-
51	100		5. Implements of husbandry necessary to farm the homestead and
52	101		tools, apparatus and books used in any trade or profession of such
53	102		person or a dependent of such person, not to exceed Ten Thousand
54	103		Dollars ($10,000.00) in aggregate value;
55		-
56	104		6. All books, portraits and pictures that are held primarily
57	105		for the personal, family or household use of such person or a
58	106		dependent of such person;
59		-
60	107		7. The person's interest, not to exceed Four Thousand Dollars
61	108		($4,000.00) in aggregate value, in wearing apparel that is held
62	109		primarily for the personal, family or household use of such per son
63	110		or a dependent of such person;
64		-
65	111		8. The person's interest, not to exceed Three Thousand Dollars
66	112		($3,000.00) in aggregate value, in wedding and anniversary rings;
67		-
68	113		9. All professionally prescribed health aids for such person or
69	114		a dependent of such person;
	115	+
	116	+	SENATE FLOOR VERSION - HB4150 SFLR Page 3
	117	+	(Bold face denotes Committee Amendments) 1
	118	+	2
	119	+	3
	120	+	4
	121	+	5
	122	+	6
	123	+	7
	124	+	8
	125	+	9
	126	+	10
	127	+	11
	128	+	12
	129	+	13
	130	+	14
	131	+	15
	132	+	16
	133	+	17
	134	+	18
	135	+	19
	136	+	20
	137	+	21
	138	+	22
	139	+	23
	140	+	24
70	141
71	142		10. Five milk cows and their calves under six (6) mont hs old,
72	143		that are held primarily for the personal, family or household use of
73	144		such person or a dependent of such person;
74		-
75	145		11. One hundred chickens, that are held primarily for the
76	146		personal, family or household use of such person or a dependent of
77	147		such person;
78		-
79	148		12. Two horses and two bridles and two saddles, that are held
80	149		primarily for the personal, family or household use of such person
81	150		or a dependent of such person;
82		-
83	151		13. Such person's interest, not to exceed Seven Thousand Five
84	152		Hundred Dollars ($7,500.00) i n value, in one motor vehicle;
85		-
86	153		14. Guns, not to exceed Two Thousand Dollars ($2,000.00) in
87	154		aggregate value, that are held primarily for the personal, family or
88	155		household use of such person or a depe ndent of such person, provided
89	156		that nothing in this subse ction shall be construed to allow a person
90	157		to exempt guns which are used mainly as an investment or
91		-	nonpersonal, family or household use; ENR. H. B. NO. 4150 Page 3
92		-
	158	+	nonpersonal, family or household use;
93	159		15. Ten hogs, that are held primarily for the personal, family
94	160		or household use of such person or a dependent of such person;
95		-
96	161		16. Twenty head of sheep, that are held primarily for the
97	162		personal, family or household use of such person or a dependent of
98	163		such person;
99		-
100	164		17. All provisions and forage on hand, or growing for home
101	165		consumption, and for the use of exempt stock for one (1) year;
	166	+
	167	+	SENATE FLOOR VERSION - HB4150 SFLR Page 4
	168	+	(Bold face denotes Committee Amendments) 1
	169	+	2
	170	+	3
	171	+	4
	172	+	5
	173	+	6
	174	+	7
	175	+	8
	176	+	9
	177	+	10
	178	+	11
	179	+	12
	180	+	13
	181	+	14
	182	+	15
	183	+	16
	184	+	17
	185	+	18
	186	+	19
	187	+	20
	188	+	21
	189	+	22
	190	+	23
	191	+	24
102	192
103	193		18. Seventy-five percent (75%) of all current wages or earnings
104	194		for personal or professional services earned during the last ninety
105	195		(90) days, except as provided in Title 12 of the Oklahoma Statutes
106	196		in garnishment proceedings for collection of child support;
107		-
108	197		19. Such person's right to receive alimony, support, separate
109	198		maintenance or child support payments to the extent reasonably
110	199		necessary for the support of such person and any depen dent of such
111	200		person;
112		-
113	201		20. Subject to the Uniform Fraudule nt Transfer Act, Section 112
114	202		et seq. of Title 24 of the Oklahoma Statutes, any interest in a
115	203		retirement plan or arrangement qualified for tax exemption or
116	204		deferment purposes under present or future Acts of Congress
117	205		including any distributions from said pla n or arrangement; provided,
118	206		any transfer or rollover contribution between retirement plans or
119	207		arrangements which avoids current federal income taxation shall not
120	208		be deemed a transfer which is fraudul ent as to a creditor under the
121	209		Uniform Fraudulent Transfe r Act. "Retirement plan or arrangement
122	210		qualified for tax exemption purposes " shall include without
123	211		limitation, trusts, custodial accounts, insurance, annuity contracts
124	212		and other properties and rights constituting a part thereof. By way
125	213		of example and not by limitation, retirement plans or arrangements
126	214		qualified for tax exemption or deferment purposes permitted under
127	215		present Acts of Congress include defined contribution plans and
128	216		defined benefit plan s as defined under the Internal Revenue Code
	217	+
	218	+	SENATE FLOOR VERSION - HB4150 SFLR Page 5
	219	+	(Bold face denotes Committee Amendments) 1
	220	+	2
	221	+	3
	222	+	4
	223	+	5
	224	+	6
	225	+	7
	226	+	8
	227	+	9
	228	+	10
	229	+	11
	230	+	12
	231	+	13
	232	+	14
	233	+	15
	234	+	16
	235	+	17
	236	+	18
	237	+	19
	238	+	20
	239	+	21
	240	+	22
	241	+	23
	242	+	24
	243	+
129	244		("IRC"), individual retirement accounts, individual retirement
130	245		annuities, simplified employee pension plans, Keogh plans, IRC
131	246		Section 403(a) annuity plans, IRC Section 403(b) annuities, Roth
132	247		individual retirement accounts created pursuant to IRC Section 408A,
133	248		educational individual retirement accounts created pursuant to IRC
134	249		Section 530 and eligible state deferred compensation plans governed
135	250		under IRC Section 457. This provision shall be in addition to and
136		-	not a limitation of any ~~o ther~~ provision of the Oklahoma ~~Statutes ENR. H. B. NO. 4150 Page 4~~
	251	+	not a limitation of any other provision of the Oklahoma Statut es
137	252		which grants an exemption from attachment or execution and every
138	253		other species of forced sale for the payment of debts. This
139	254		provision shall be effective for retirement plans and arrangements
140	255		in existence on, or created after April 16, 1987;
141		-
142	256		21. Such person's interest in a claim for personal bodily
143	257		injury, death or workers ' compensation claim, for a net amount not
144	258		in excess of Fifty Thousand Dollars ($50,000.00), but not including
145	259		any claim for exemplary or punitive damages;
146		-
147	260		22. Funds in an individual development account established
148	261		pursuant to the provisions of Section 251 et seq. of Title 56 of the
149	262		Oklahoma Statutes;
150		-
151	263		23. Any amount received pursuant to the federal earned income
152	264		tax credit; and
153		-
154	265		24. Any interest in an Oklahoma College Savings Plan ac count
155	266		established pursuant to the provisions of Section 3970.1 et seq. of
156	267		Title 70 of the Oklahoma Statutes.
	268	+
	269	+	SENATE FLOOR VERSION - HB4150 SFLR Page 6
	270	+	(Bold face denotes Committee Amendments) 1
	271	+	2
	272	+	3
	273	+	4
	274	+	5
	275	+	6
	276	+	7
	277	+	8
	278	+	9
	279	+	10
	280	+	11
	281	+	12
	282	+	13
	283	+	14
	284	+	15
	285	+	16
	286	+	17
	287	+	18
	288	+	19
	289	+	20
	290	+	21
	291	+	22
	292	+	23
	293	+	24
157	294
158	295		B. No natural person residing in this state may exempt from the
159	296		property of the estate in any bankruptcy proceeding the property
160	297		specified in subsection (d) of Section 522 of the Bankruptcy Reform
161	298		Act of 1978, Public Law 95 -598, 11 U.S.C.A. 101 et seq., except as
162	299		may otherwise be expressly permitted under this title or other
163	300		statutes of this state.
164		-
165	301		SECTION 2. This act shall become e ffective November 1, 202 4.
166		-	ENR. H. B. NO. 4150 Page 5
167		-	Passed the House of Representatives the 13th day of March, 2024.
168		-
169		-
170		-
171		-
172		-	Presiding Officer of the House
173		-	of Representatives
174		-
175		-
176		-
177		-	Passed the Senate the 16th day of April, 2024.
178		-
179		-
180		-
181		-
182		-	Presiding Officer of the Senate
183		-
184		-
185		-	OFFICE OF THE GOVERNOR
186		-	Received by the Office of the Governor this ____________________
187		-	day of ___________________, 20_______, at _______ o'clock _______ M.
188		-	By: _________________________________
189		-	Approved by the Governor of the S tate of Oklahoma this _________
190		-	day of ___________________, 20_______, at _______ o'clock _______ M.
191		-
192		-
193		-	_________________________________
194		-	Governor of the State of Oklahoma
195		-
196		-	OFFICE OF THE SECRETARY OF STATE
197		-	Received by the Office of the Secretary of State this __________
198		-	day of ___________________, 20_______, at _______ o'clock _______ M.
199		-	By: _________________________________
	302	+	COMMITTEE REPORT BY: COMMITTEE ON JUDICIARY
	303	+	April 2, 2024 - DO PASS