MD HB1520

Increases the exemption for household furnishings, goods, appliances, and pets from $1,000 to $5,000, with disabled veterans receiving a $10,000 exemption

Creates a new $3,000 exemption for firearms and a new motor vehicle exemption of up to $10,000 (or $25,000 for elderly or disabled debtors) for vehicles necessary for work, trade, or education

Raises the homestead exemption in bankruptcy proceedings from the federal baseline to $300,000, with elderly or disabled property owners receiving a $600,000 exemption

Adds mobile homes to the types of owner-occupied residential property that qualify for the bankruptcy homestead exemption

Exempts payments received under Internal Revenue Code sections 24 (Child Tax Credit) and 32 (Earned Income Tax Credit) from judgment execution; effective October 1, 2026