South Carolina General Assembly
114th Session, 2001-2002

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Bill 3243

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Indicates New Matter

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)


Indicates Matter Stricken

Indicates New Matter

COMMITTEE REPORT

April 11, 2002

    H. 3243

Introduced by Rep. W.D. Smith

S. Printed 4/11/02--H.

Read the first time January 10, 2001.

            

THE COMMITTEE ON WAYS AND MEANS

    To whom was referred a Bill (H. 3243) to amend Section 15-41-30, as amended, Code of Laws of South Carolina, 1976, relating to property exempted from attachment, levy, and sale, etc., respectfully

REPORT:

    That they have duly and carefully considered the same and recommend that the same do pass with amendment:

    Amend the bill, as and if amended, in Section 15-41-30(12) as contained in SECTION 1, page 1, line 24, by striking /right to receive/ and inserting /right to receive interest in/ So when amended, Section 15-41-30(12) reads:

    /(12)    The debtor's right to receive interest in individual retirement accounts as described in Sections 408(a) and 408A of the Internal Revenue Code, individual retirement annuities as described in Section 408(b) of the Internal Revenue Code, and accounts established as part of a trust described in Section 408(c) of the Internal Revenue Code, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor. A claimed exemption may be reduced or eliminated by the amount of a fraudulent conveyance into the individual retirement account or other plan. For purposes of this item, 'Internal Revenue Code' has the meaning provided in Section 12-6-40(A)./

    Renumber sections to conform.

    Amend totals and title to conform.

ROBERT W. HARRELL, JR. for Committee.

            

STATEMENT OF ESTIMATED FISCAL IMPACT

ESTIMATED FISCAL IMPACT ON GENERAL FUND EXPENDITURES:

$0 (No additional expenditures or savings are expected)

ESTIMATED FISCAL IMPACT ON FEDERAL & OTHER FUND EXPENDITURES:

$0 (No additional expenditures or savings are expected)

EXPLANATION OF IMPACT:

    A review of this bill by the South Carolina Retirement Division indicates there will be no impact on the four retirement systems.

    Approved By:

    Don Addy

    Office of State Budget

A BILL

TO AMEND SECTION 15-41-30, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY EXEMPTED FROM ATTACHMENT, LEVY, AND SALE, SO AS TO DELETE LIMITS ON THE EXEMPTION FOR CERTAIN INDIVIDUAL RETIREMENT ACCOUNTS, ANNUITIES, AND TRUSTS.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    Section 15-41-30(12) of the 1976 Code, as added by Act 60 of 1999, is amended to read:

    "(12)    The debtor's right to receive individual retirement accounts as described in Sections 408(a) and 408A of the Internal Revenue Code, individual retirement annuities as described in Section 408(b) of the Internal Revenue Code, and accounts established as part of a trust described in Section 408(c) of the Internal Revenue Code, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor. A claimed exemption may be reduced or eliminated by the amount of a fraudulent conveyance into the individual retirement account or other plan. For purposes of this item, 'Internal Revenue Code' has the meaning provided in Section 12-6-40(A)."

SECTION    2.    This act takes effect upon approval by the Governor and applies to a court or bankruptcy proceeding filed on or after that date.

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