Signed by Governor Katie Hobbs

Vote Smart's Synopsis:

Vote to concur with House amendments and pass a bill that would authorize Axon to build a headquarters in Scottsdale, Arizona.

Highlights:

• Specifies that the Homestead exemption does not attach to a person’s interest in identifiable cash proceeds from refinancing the homestead property (Sec. 1). 

• Specifies that to determine the amount of equity in a homestead property that is sold or for determining whether the property owner is receiving cash back from refinancing the homestead property, the parties may rely on the valuation of the property in the final closing document disclosure that is used for that transaction (Sec. 1).

• Specifies that in any case filed under United States Code Title 11, the amount of the debtor’s homestead exemption initially shall be determined as of the date bankruptcy is filed. If the value in the homestead is less than or equal to the amount prescribed in this document, which includes any increase, the homestead property is 100% exempt and any increase in the value of the homestead during the pendency of the bankruptcy case is 100% without regard to whether the debtor’s interest increases above the amount specified in this document (Sec. 1).

• Repeals section 33-1101, Arizona Revised Statutes, as amended by laws 2021, chapter 368, section 3 (Sec. 2).

• Specifies that amendments in this act apply to any petition for bankruptcy proceedings that is filed after the effective date of this act (Sec. 3).

Full Bill Text

Vote Smart's Synopsis:

Vote to amend and pass a bill that would authorize Axon to build a headquarters in Scottsdale, Arizona.

Highlights:

• Specifies that the Homestead exemption does not attach to a person’s interest in identifiable cash proceeds from refinancing the homestead property (Sec. 1). 

• Specifies that to determine the amount of equity in a homestead property that is sold or for determining whether the property owner is receiving cash back from refinancing the homestead property, the parties may rely on the valuation of the property in the final closing document disclosure that is used for that transaction (Sec. 1).

• Specifies that in any case filed under United States Code Title 11, the amount of the debtor’s homestead exemption initially shall be determined as of the date bankruptcy is filed. If the value in the homestead is less than or equal to the amount prescribed in this document, which includes any increase, the homestead property is 100% exempt and any increase in the value of the homestead during the pendency of the bankruptcy case is 100% without regard to whether the debtor’s interest increases above the amount specified in this document (Sec. 1).

• Repeals section 33-1101, Arizona Revised Statutes, as amended by laws 2021, chapter 368, section 3 (Sec. 2).

• Specifies that amendments in this act apply to any petition for bankruptcy proceedings that is filed after the effective date of this act (Sec. 3).

Full Bill Text