South Carolina H 3500: IRA deduction

Bill Text

2025-2026 Bill 3500 Text of Previous Version (Dec. 06, 2024) - South Carolina Legislature Online 

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