MS HB545

Increases the cumulative value exemption for tangible personal property (household goods, motor vehicles, tools, cash, health aids, and items under $200 each) from an unspecified previous amount to Twenty-five Thousand Dollars ($25,000.00).

Adds a new exemption allowing Mississippi residents age 70 and older to exempt an additional One Hundred Thousand Dollars ($100,000.00) of any type of property, with each spouse able to claim up to Two Hundred Thousand Dollars ($200,000.00) total.

Protects proceeds from insurance, disability income, qualified retirement plans (401(k), 403(b), 457 plans, IRAs), Section 529 college savings plans (including MPACT and MACS programs), and health savings accounts from seizure.

Exempts up to Five Thousand Dollars ($5,000.00) each of earned income tax credit proceeds, federal tax refund proceeds, and state tax refund proceeds.

Takes effect July 1, 2010.