South Carolina General Assembly
113th Session, 1999-2000

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Bill 70

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Indicates New Matter

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

Indicates Matter Stricken

Indicates New Matter

COMMITTEE REPORT

May 26, 1999

S. 70

Introduced by Senators Hayes and Elliott

S. Printed 5/26/99--H.

Read the first time April 6, 1999.

            

THE COMMITTEE ON JUDICIARY

To whom was referred a Bill (S. 70), to amend Section 15-41-30, as amended, Code of Laws of South Carolina, 1976, relating to property exempt from bankruptcy, etc., respectfully

REPORT:

That they have duly and carefully considered the same, and recommend that the same do pass:

JAMES H. HARRISON, for Committee.

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.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1. A. Section 15-41-30(10)(E)(iii) of the 1976 Code, as last amended by Act 415 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 415 of 1988, is further amended by adding:

"(12) The debtor's right to receive 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, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor. A claimed exemption may be reduced or eliminated by the amount of a fraudulent conveyance into the individual retirement account or other plan. For purposes of this item, 'Internal Revenue Code' has the meaning provided in Section 12-6-40(A).

(13) The debtor's interest in a pension plan qualified under the Employee Retirement Income Security Act of 1974, as amended."

SECTION 2. This act takes effect upon approval by the Governor.

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