A bill

 

TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 12-6-1171, RELATING TO THE MILITARY RETIREMENT INCOME DEDUCTION, SO AS TO INCLUDE A QUALIFIED RETIREMENT PLAN FROM THE UNIFORMED SERVICES IN THE DEFINITION OF "RETIREMENT INCOME".

 

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

 

SECTION 1.  Section 12-6-1171(B) of the S.C. Code is amended to read:

 

    (B) The term "retirement income", as used in this section, means the total of all otherwise taxable income not subject to a penalty for premature distribution received by the taxpayer or the taxpayer's surviving spouse in a taxable year from a qualified military retirement plan or a qualified retirement plan from the Uniformed Services. For purposes of a surviving spouse, "retirement income" also includes a retirement benefit plan and dependent indemnity compensation related to the deceased spouse's military service.

 

SECTION 2.  This act takes effect upon approval by the Governor.

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