South Carolina General Assembly
126th Session, 2025-2026
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Indicates Matter Stricken
Indicates New Matter
H. 3500
STATUS INFORMATION
General Bill
Sponsors: Rep. Rutherford
Document Path: LC-0058DG25.docx
Introduced in the House on January 14, 2025
Ways and Means
HISTORY OF LEGISLATIVE ACTIONS
| Date | Body | Action Description with journal page number |
|---|---|---|
| 12/5/2024 | House | Prefiled |
| 12/5/2024 | House | Referred to Committee on Ways and Means |
| 1/14/2025 | House | Introduced and read first time (House Journal-page 226) |
| 1/14/2025 | House | Referred to Committee on Ways and Means (House Journal-page 226) |
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VERSIONS OF THIS BILL
A bill
TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 12-6-1140, RELATING TO INCOME TAX DEDUCTIONS, SO AS TO ALLOW A DEDUCTION FOR CONTRIBUTIONS TO AND DISTRIBUTIONS FROM CERTAIN RETIREMENT PLANS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-6-1140 of the S.C. Code is amended by adding:
(15) contributions to and distributions from a qualified retirement plan that are not subject to a penalty for premature distribution. For purposes of this item, qualified retirement plans include those plans defined in Internal Revenue Code Sections 408 and 457. Amounts deducted pursuant to this section shall reduce the deduction allowed pursuant to Section 12-6-1170 in an equal amount.
SECTION 2. This act takes effect upon approval by the Governor and applies to income tax years beginning after 2024.
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This web page was last updated on January 14, 2025 at 1:47 PM