Current Status Bill Number:5007 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19980414 Primary Sponsor:Wilkins All Sponsors:Wilkins, Klauber Drafted Document Number:jic\5516htc.98 Residing Body:Senate Current Committee:Judiciary Committee 11 SJ Date of Last Amendment:19980505 Subject:Property tax exemptions, bankruptcy proceedings; individual retirement accounts, trusts; Taxation
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ Senate 19980507 Introduced, read first time, 11 SJ referred to Committee House 19980506 Read third time, sent to Senate House 19980505 Amended, read second time House 19980429 Committee report: Favorable with 25 HJ amendment House 19980421 Co-Sponsor added (Rule 5.2) by Rep. Klauber House 19980414 Introduced, read first time, 25 HJ referred to CommitteeView additional legislative information at the LPITS web site.
Indicates Matter Stricken
Indicates New Matter
AMENDED
May 5, 1998
H. 5007
S. Printed 5/5/98--H.
Read the first time April 14, 1998.
TO AMEND SECTION 15-41-30, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY EXEMPT FROM BANKRUPTCY PROCEEDINGS OR ATTACHMENT, LEVY, AND SALE, SO AS TO EXEMPT INDIVIDUAL RETIREMENT ACCOUNTS, INDIVIDUAL RETIREMENT ANNUITIES, AND INDIVIDUAL RETIREMENT TRUSTS.
Amend Title To Conform
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. A. Section 15-41-30(E)(iii) of the 1976 Code, as last amended by Act 451 of 1988, is further amended to read:
"(iii) the plan or contract does not qualify under Sections 401(a), 403(a), 403(b), 408, or 409 of the Internal Revenue Code of 1954 (26 U.S.C. 401(a), 403(a), 403(b), 408, or 409)."
B. Section 15-41-30 of the 1976 Code, as last amended by Act 451 of 1988, is further amended by adding an appropriately numbered item at the end to read:
"( ) Individual retirement accounts as described in Sections 408(a) and 408A of the Internal Revenue Code, individual retirement annuities as described in Section 408(b) of the Internal Revenue Code, and accounts established as part of a trust described in Section 408(c) of the Internal Revenue Code. For purposes of this item, 'Internal Revenue Code' has the meaning provided in Section 12-6-40(A)."
SECTION 2. This act takes effect upon approval by the Governor.