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Current Status Bill Number:View additional legislative information at the LPITS web site.3243 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:20010110 Primary Sponsor:W.D. Smith All Sponsors:W.D. Smith Drafted Document Number:l:\council\bills\dka\4041mm01.doc Residing Body:Senate Current Committee:Judiciary Committee 11 SJ Date of Last Amendment:20020417 Subject:Bankruptcy proceedings, individual retirement accounts, annuities, and trusts; such property exempt from sale, levy History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ Senate 20020529 Recommitted to Committee 11 SJ Senate 20020522 Committee report: Favorable with 11 SJ amendment Senate 20020418 Introduced, read first time, 11 SJ referred to Committee House 20020418 Read third time, sent to Senate House 20020417 Amended, read second time House 20020411 Committee report: Favorable with 30 HWM amendment House 20010110 Introduced, read first time, 30 HWM referred to Committee Versions of This Bill Revised on April 11, 2002 - Word format Revised on April 17, 2002 - Word format Revised on May 22, 2002 - Word format
Indicates Matter Stricken
Indicates New Matter
COMMITTEE REPORT
May 22, 2002
H. 3243
S. Printed 5/22/02--S.
Read the first time April 18, 2002.
To whom was referred a Bill (H. 3243) to amend Section 15-41-30, as amended, Code of Laws of South Carolina, 1976, relating to property exempted from attachment, levy, and sale, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass with amendment:
Amend the bill, as and if amended, page 1, beginning on line 22, by striking SECTION 1 in its entirety and inserting therein the following:
/ SECTION 1. Section 15-41-30(12) of the 1976 Code, as added by Act 60 of 1999, is amended to read:
"(12)(a) The debtor's right to receive interest in 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, which are less than fifty thousand dollars in value, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor.
(b) No more than fifty percent of the debtor's interest in 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, which are equal to or greater than fifty thousand dollars in value, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor.
(c) A claimed exemption may be reduced or eliminated by the amount of a fraudulent conveyance into the individual retirement account or other plan.
(d) For purposes of this item, 'Internal Revenue Code' has the meaning provided in Section 12-6-40(A)." /
Renumber sections to conform.
Amend title to conform.
WILLIAM MESCHER for Committee.
TO AMEND SECTION 15-41-30, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY EXEMPTED FROM ATTACHMENT, LEVY, AND SALE, SO AS TO DELETE LIMITS ON THE EXEMPTION FOR CERTAIN INDIVIDUAL RETIREMENT ACCOUNTS, ANNUITIES, AND TRUSTS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 15-41-30(12) of the 1976 Code, as added by Act 60 of 1999, is amended to read:
"(12) The debtor's right to receive interest in 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)."
SECTION 2. This act takes effect upon approval by the Governor and applies to a court or bankruptcy proceeding filed on or after that date.
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