S.Amdt. 36
What it does: Rewrites page 188, line 14 through page 191, line 11
Sen. Herb Kohl (D-WI)What it changes
1 change to S. 256
Rewrites page 188, line 14 through page 191, line 11
ReplacesPrinted pageRemoves page 188, line 14 through page 191, line 11 of the printed bill. See that page
Inserted: SEC. 322. LIMITATIONS ON HOMESTEAD EXEMPTION.
Inserted: (a) Exemption.--Section 522 of title 11, United States Code, as amended by sections 224 and 308, is further amended by adding at the end the following:
Inserted: "(p) As a result of electing under subsection (b)(3)(A) to exempt property, other than the principal residence of a family farmer, under State or local law, a debtor may not exempt any amount of interest that exceeds, in the aggregate, $125,000 in value in--
Inserted: "(1) real or personal property that the debtor or a dependent of the debtor uses as a residence;
Inserted: "(2) a cooperative that owns property that the debtor or a dependent of the debtor uses as a residence; or
Inserted: "(3) a burial plot for the debtor or a dependent of the debtor.".
Inserted: (b) Adjustment of Dollar Amounts.--Paragraphs (1) and (2) of section 104(b) of title 11, United States Code, as amended by section 224, are further amended by inserting "522(p)," after "522(n)".
Original wording
On page 188, strike line 14 and all that follows through page 191, line 11, and insert the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 36. Mr. KOHL submitted an amendment intended to be proposed by him to the bill S. 256, to amend title 11 of the United States Code, and for other purposes; which was ordered to lie on the table; as follows:
On page 188, strike line 14 and all that follows through page 191, line 11, and insert the following:
SEC. 322. LIMITATIONS ON HOMESTEAD EXEMPTION.
(a) Exemption.--Section 522 of title 11, United States Code, as amended by sections 224 and 308, is further amended by adding at the end the following:
“(p) As a result of electing under subsection (b)(3)(A) to exempt property, other than the principal residence of a family farmer, under State or local law, a debtor may not exempt any amount of interest that exceeds, in the aggregate, $125,000 in value in--
“(1) real or personal property that the debtor or a dependent of the debtor uses as a residence;
“(2) a cooperative that owns property that the debtor or a dependent of the debtor uses as a residence; or
“(3) a burial plot for the debtor or a dependent of the debtor.”.
(b) Adjustment of Dollar Amounts.--Paragraphs (1) and (2) of section 104(b) of title 11, United States Code, as amended by section 224, are further amended by inserting “522(p),” after “522(n)”.
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Senate amendment submitted
March 2, 2005