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Indicates Matter Stricken
Indicates New Matter
S. 1127
STATUS INFORMATION
General Bill
Sponsors: Senator Cleary
Document Path: l:\s-jud\bills\cleary\jud0096.kw.docx
Introduced in the Senate on February 25, 2016
Introduced in the House on April 28, 2016
Currently residing in the House Committee on Judiciary
Summary: IRA exempt from attachment, levy and sale
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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2/25/2016 Senate Introduced and read first time (Senate Journal-page 7)
2/25/2016 Senate Referred to Committee on Judiciary
(Senate Journal-page 7)
3/24/2016 Senate Referred to Subcommittee: Gregory (ch), Malloy, Turner
4/20/2016 Senate Committee report: Favorable Judiciary
(Senate Journal-page 7)
4/21/2016 Scrivener's error corrected
4/26/2016 Senate Read second time (Senate Journal-page 46)
4/26/2016 Senate Roll call Ayes-38 Nays-2 (Senate Journal-page 46)
4/27/2016 Senate Read third time and sent to House
(Senate Journal-page 38)
4/28/2016 House Introduced and read first time (House Journal-page 13)
4/28/2016 House Referred to Committee on Judiciary
(House Journal-page 13)
View the latest legislative information at the website
VERSIONS OF THIS BILL
Indicates Matter Stricken
Indicates New Matter
COMMITTEE REPORT
April 20, 2016
S. 1127
S. Printed 4/20/16--S. [SEC 4/21/16 5:05 PM]
Read the first time February 25, 2016.
To whom was referred a Bill (S. 1127) to amend Section 15-41-30, as amended, Code of Laws of South Carolina, 1976, relating to an individual retirement account being exempt from attachment, levy, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass:
GERALD MALLOY for Committee.
Fiscal Impact Summary
This bill will have no expenditure impact on the general fund, federal funds, or other funds.
State Expenditure
This bill amends Section 15-41-30 to allow a debtor's Individual Retirement Account (IRA) to be exempt from a creditor's attachment, levy and sale. A claimed exemption may be reduced or eliminated by the amount of a fraudulent conveyance into the IRA.
Department of Revenue. The department indicates this bill will have no expenditure impact on the general fund, federal funds, or other funds.
Frank A. Rainwater, Executive Director
Revenue and Fiscal Affairs Office
TO AMEND SECTION 15-41-30, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO AN INDIVIDUAL RETIREMENT ACCOUNT BEING EXEMPT FROM ATTACHMENT, LEVY, AND SALE, SO AS TO DELETE THE PROVISION THAT THE EXEMPTION APPLIES ONLY TO THE EXTENT THAT IS PERMITTED IN SECTION 522(d) OF THE FEDERAL BANKRUPTCY CODE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 15-41-30(A)(13) of the 1976 Code, as last amended by Act 153 of 2012, is further amended to read:
"(13) 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. 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). The interest of an individual under a retirement plan shall be exempt from creditor process to the same extent permitted in Section 522(d) under federal bankruptcy law and is an exception to Section 15-41-35. The exemption provided by this section shall be available whether such individual has an interest in the retirement plan as a participant, beneficiary, contingent annuitant, alternate payee, or otherwise."
SECTION 2. This act takes effect upon approval by the Governor.
This web page was last updated on May 3, 2016 at 11:19 AM