This bill proposes several updates to the current statutes regarding homestead and personal property exemptions in Arizona. It amends section 33-1126 by increasing the exemption limits for certain financial benefits. Specifically, it raises the exemption for money received by a surviving spouse or child from a deceased individual from not exceeding $20,000 to more than $20,000. Additionally, it modifies the exemption for prepaid rent and security deposits for personal property homestead from not exceeding $2,000 to more than $2,000.

Furthermore, the bill introduces a new exemption for all federal or state personal income tax credits, including earned income tax credits and child tax credits, with the exemption amount being the lesser of the total combined tax refunds or the total combined credits claimed. It also repeals the previous version of section 33-1126 as amended by Laws 2022, chapter 346, section 1, thereby removing outdated legal language.