ENGROSSED
COMMITTEE SUBSTITUTE
FOR
Senate Bill No. 28
(By Senator Rowe)
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[Originating in the Committee on the Judiciary;
reported February 26, 2004.]
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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.
(a) Any individual residing in this state or the dependent of
such individual may set apart and hold as exempt from execution or
other process the following personal property:
(1) Such individual's interest, not to exceed five thousand
dollars in value, in one motor vehicle;
(2) Such individual's interest not to exceed eight thousand dollars in aggregate value, in household goods, furniture, toys,
animals, appliances, books and wearing apparel that are held
primarily for the personal, family or household use of such
individual;
(3) Such individual's aggregate interest, not to exceed three
thousand dollars, in any implements, professional books or tools of
such individual's trade; and
(4) Funds on deposit in an individual retirement account
(IRA), including a simplified employee pension (SEP), in the name
of such individual:
Provided, That the amount 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 or Section 4979 of
the Internal Revenue Code of 1986, or both sections, or any
successor provisions, regardless of whether the tax is or has been
paid.
(b) Notwithstanding the foregoing, in no case may an
individual residing in this state or the dependent of such
individual exempt from execution or other process more than fifteen
thousand dollars in the aggregate in personal property listed in
subdivisions (1), (2) and (3), subsection (a) of this section.
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