Senate Bill No. 28
(By Senator Rowe)
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[Introduced January 14, 2004; referred to the Committee on the
Judiciary.]
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A BILL to amend and reenact §38-8-1 of the code of West Virginia,
1931, as amended, relating to increasing the monetary value of
exemptions from levy, forced sale, attachment or execution of
certain personal property.
Be it enacted by the Legislature of West Virginia:
That
§38-8-1 of the code of West Virginia, 1931, as amended,
be amended and reenacted to read as follows:
ARTICLE 8. EXEMPTIONS FROM LEVY.
§38-8-1. 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 in value
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, 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 the tax is or has
been paid.
NOTE: The purpose of this bill is to increase the monetary
value of exemptions from levy, forced sale, attachment or execution
of certain personal property.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.
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