It being the end of the two year California Legislative Calendar, a lot of new bills are being brought to the floor and adopted. Given the trying times economically, this one will be of interest to every business person in Guadalupe, hugely expanding the homestead exemption for those in an economic vice. AB 1885 was just adopted by both the Assembly and State Senate and is expected to be signed by Governor Newsome. Again the membership is bcc-ed so that Tom does not need to forward this.
The short full text of the amended statute follows:
THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:
SECTION 1. Section 704.730 of the Code of Civil Procedure is amended to read:
704.730. (a) The amount of the homestead exemption is the greater of the following:
(1) The countywide median sale price for a single-family home in the calendar year prior to the calendar year in which the judgment debtor claims the exemption, not to exceed six hundred thousand dollars ($600,000).
(2) Three hundred thousand dollars ($300,000).
(b) The amounts specified in this section shall adjust annually for inflation, beginning on January 1, 2022, based on the change in the annual California Consumer Price Index for All Urban Consumers for the prior fiscal year, published by the Department of Industrial Relations.