Bill Text: SC S0966 | 2023-2024 | 125th General Assembly | Introduced
Bill Title: Uniformed Services income tax exemption
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2024-01-17 - Referred to Committee on Finance [S0966 Detail]
Download: South_Carolina-2023-S0966-Introduced.html
South Carolina General Assembly
125th Session, 2023-2024
Bill 966
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 12-6-1171, 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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This web page was last updated on January 17, 2024 at 01:28 PM
