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HB 285: "An Act relating to the homestead exemption."

00 HOUSE BILL NO. 285                                                                                                      
01 "An Act relating to the homestead exemption."                                                                           
02 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
03    * Section 1.  AS 09.38.010(a) is amended to read:                                                                    
04  (a)  An individual is entitled to an exemption as a homestead of the individual's                                     
05 interest in property in this state used as the principal residence of the individual or the                             
06 dependents of the individual [, BUT THE VALUE OF THE HOMESTEAD                                                          
07 EXEMPTION MAY NOT EXCEED $54,000].                                                                                      
08    * Sec. 2.  AS 09.38.060(a) is amended to read:                                                                       
09  (a)  If property, or a part of it, that could have been claimed as an exempt                                          
10 homestead under AS 09.38.010, a burial plot under AS 09.38.015(a)(1), a health aid                                      
11 under AS 09.38.015(a)(2), or personal property subject to a value limitation under                                      
12 AS 09.38.020(a)(1) [,] or (2), or 09.38.020(c), has been taken or sold by condemnation,                               
13 or has been lost, damaged, or destroyed and the owner has been indemnified for it, the                                  
14 individual is entitled to an exemption of proceeds that are traceable for 12 months after                               
01 the proceeds are received.  An individual is entitled to an exemption of proceeds from                                  
02 the voluntary sale of an exempt homestead under AS 09.38.010 that are traceable for                                     
03 six months after the proceeds are received.  The exemption of proceeds under this                                       
04 subsection does not entitle the individual to claim an aggregate exemption in excess                                    
05 of the value of the exemption [LIMITATION] otherwise allowable under                                                  
06 AS 09.38.010 or the value limitation otherwise allowable under AS 09.38.020                                           
07 [09.38.020].                                                                                                            
08    * Sec. 3.  AS 09.38.010(b) is repealed.