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GA HB1024

Bill

Official Source

Status

Engrossed

2/25/2026

Primary Sponsor

Soo Hong

Click for details

Origin

House of Representatives

2025-2026 Regular Session

AI Summary

  • Increases the homestead exemption for bankruptcy and intestate insolvent estates from $21,500 to $50,000 for individual debtors
  • Raises the exemption for married couples when one spouse holds title to their primary residence from $43,000 to $100,000
  • Applies to real property, personal property used as a residence, cooperative housing, and burial plots for the debtor or dependents
  • Beginning July 1, 2031, exemption amounts will be adjusted annually based on the inflation rate determined by the state revenue commissioner
  • Inflation rate calculation may utilize the Consumer Price Index or similar federal index reflecting cost of living changes for Georgia residents

Legislative Description

Property; debtor's aggregate interest in real property or personal property used as a residence; revise exemption

Last Action

Senate Read and Referred

2/26/2026

Committee Referrals

Banking and Financial Institutions2/26/2026
Judiciary1/28/2026

Full Bill Text

No bill text available