Senate Bill No. 34

(By Senator Rowe)

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[Introduced January 8, 2003; referred to the Committee on the Judiciary.]

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A BILL to amend and reenact section one, article eight, chapter thirty-eight of the code of West Virginia, one thousand nine hundred thirty-one, as amended, relating to increasing the values of certain personal property which is exempt from levy, forced sale, attachment or execution.

Be it enacted by the Legislature of West Virginia:
That section one, article eight, chapter thirty-eight of the code of West Virginia, one thousand nine hundred thirty-one, as amended, be amended and reenacted to read as follows:
ARTICLE 8. EXEMPTIONS FROM LEVY.
ยง38-8-1. Exemptions of personal property.
Any husband, wife, parent or other head of a household residing in this state, or the infant children of deceased parents, may set apart and hold personal property not exceeding one five thousand dollars on the primary household use vehicle of the debtor or a dependent of the debtor and ten thousand dollars in value on household goods, furniture, toys and clothing of the debtor or a dependent of the debtor, in value to be exempt from execution or other process, except as hereinafter provided. Any mechanic, artisan or laborer residing in this state, whether he or she be is a husband, wife, parent or other head of a household, or not, may hold the working tools of his or her trade or occupation to the value of fifty three thousand dollars exempt from forced sale or execution: Provided, That in no case shall may the exemption allowed any one person exceed one fifteen thousand dollars: Provided, however, That funds on deposit in an individual retirement account (IRA) including a simplified employee pension (SEP) in the name of the defendant are exempt from attachment: Provided further, That such the amount shall be is exempt only to the extent it is not or has not been subject to an excise or other tax on excess contributions under section 4973 and/ or section 4979 of the Internal Revenue Code of 1986, or both sections, or any successor provisions, regardless of whether such tax is or has been paid.

NOTE: The purpose of this bill is to increase the values of certain personal property exempt from levy, forced sale, execution or attachment.

Strike-throughs indicate language that would be stricken from the present law, and underscoring indicates new language that would be added.