Bill Text: SC H3500 | 2025-2026 | 126th General Assembly | Introduced
Bill Title: IRA deduction
Spectrum: Partisan Bill (Democrat 1-0)
Status: (N/A) 2024-12-05 - Referred to Committee on Ways and Means [H3500 Detail]
Download: South_Carolina-2025-H3500-Introduced.html
South Carolina General Assembly
126th Session, 2025-2026
Bill 3500
Indicates Matter Stricken
Indicates New Matter
(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)
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 December 06, 2024 at 12:22 PM
