MS HB303

Increases the cumulative value exemption for tangible personal property selected by debtors from unspecified prior amount to Twenty-five Thousand Dollars ($25,000.00), covering household goods, motor vehicles, tools, cash, and items worth less than Two Hundred Dollars ($200.00) each.

Adds a new exemption for Mississippi residents age seventy (70) or older of One Hundred Thousand Dollars ($100,000.00) of any type of property (real, personal, mixed, tangible, or intangible), with each spouse able to claim the exemption for a combined total of Two Hundred Thousand Dollars ($200,000.00).

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 from seizure.

Maintains existing exemptions for mobile homes valued up to Thirty Thousand Dollars ($30,000.00), retirement account assets, qualified tuition program funds, and health savings account assets.

Effective date: July 1, 2012.