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Relating to the exemption for certain savings plans from
attachment, execution, or other seizure for a creditor ’s claim.
No fiscal impact to the state is anticipated.
Under the Property Code, current law exempts a number of types of property, income, and investments from being subject to attachment or execution of a lien or other seizure for a creditor's claim. HB 2779 would add to those exemptions certain health and education savings accounts that are exempt from federal income tax or are tax deferred until a benefit is paid out, as well as certain retirement plans.
This bill protects the property rights of debtors while at the same time diminishing property rights of creditors by making it more difficult for them to be made whole. For these reasons we remain neutral on HB 2799.