Jim Gibbons on Budget & Economy

Republican Representative (NV-2)

Raise the amount of protection for property by $200k

I am proposing a major improvement to the Homestead Act by raising the amount of protection for property from $350,000 to $550,000 due to escalating home prices. I am proposing to do away with the fee for filing a homestead exemption for your primary property, instead allowing homesteading for 2nd residences or vacation homes with a voluntary fee of 1/10 of 1% This will stimulate real estate investment in Nevada and potentially create new revenue to be shared between the counties and the stat Source: State of the State Address Jan 22, 2007

Voted YES on restricting bankruptcy rules.

Vote to pass the bill that would require debtors who are able to pay back $10,000 or 25 percent of their debts over five years to file under Chapter 13, rather then seeking to discharge their debts under Chapter 7. Chapter 13, calls for a reorganization of debts under a repayment plan. A Debtor would be restricted, in this bill, to a total exemption of $125,000 in home equity for residences bought within 40 months of a bankruptcy filing. The bill also would establish permanent and retroactive Chapter 12 bankruptcy relief for farmers. Reference: Bankruptcy Abuse Prevention and Consumer Protection Act; Bill S 1920 ; vote number 2004-10 on Jan 28, 2004

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Page last updated: 3/31/2008