South Carolina General Assembly
112th Session, 1997-1998

Bill 5007


Indicates Matter Stricken
Indicates New Matter


                    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

History

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 Committee


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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

Indicates Matter Stricken
Indicates New Matter

AMENDED

May 5, 1998

H. 5007

Introduced by Reps. Wilkins and Klauber

S. Printed 5/5/98--H.

Read the first time April 14, 1998.

A BILL

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.

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