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NY A07940
Bill
Status
4/16/2025
Primary Sponsor
Harry Bronson
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AI Summary
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Increases the motor vehicle exemption from $4,000 to $10,000 in value above liens for money judgments and bankruptcy proceedings, and from $10,000 to $25,000 for vehicles equipped for use by disabled debtors
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Raises homestead exemptions significantly: from $150,000 to $600,000 for New York City and surrounding counties (Kings, Queens, Bronx, Richmond, Nassau, Suffolk, Rockland, Westchester, Putnam); from $125,000 to $500,000 for Dutchess, Albany, Columbia, Orange, Saratoga, and Ulster counties; and from $75,000 to $300,000 for remaining counties
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Establishes triennial adjustments to homestead exemption amounts beginning April 1, 2027, based on changes in median owner-occupied housing values from the American Community Survey published by the U.S. Census Bureau
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Limits bankruptcy debtors to claiming only one motor vehicle exemption, preventing use of both the civil practice law exemption and the bankruptcy-specific exemption
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Allows bankruptcy debtors who are not sole owners of their homestead to claim a proportional share of the homestead exemption based on their fractional equity interest in the property
Legislative Description
Relates to the calculation of the homestead exemption amount; relates to the indexing of the homestead exemption for housing value changes; increases the amount of the motor vehicle exemption; limits the homestead exemption available to bankruptcy debtors to one exemption per household; increases the motor vehicle exemption available in bankruptcy proceedings.
Last Action
reported referred to ways and means
2/25/2026