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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-1175 SO AS TO PROVIDE THAT WITHDRAWAL OF FUNDS AT ANY AGE FROM AN INDIVIDUAL RETIREMENT ACCOUNT (IRA), A 401-K ACCOUNT, OR OTHER QUALIFIED TAX-DEFERRED PLAN BY A RESIDENT OF THIS STATE IS FREE OF ALL STATE OF SOUTH CAROLINA INCOME TAX OR PENALTIES FOR EARLY WITHDRAWAL IF ALL OF THE FUNDS ARE CONTRIBUTED TO A CHARITABLE, EDUCATIONAL, RELIGIOUS, OR ELEEMOSYNARY ORGANIZATION WITHIN SIXTY DAYS OF WITHDRAWAL.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 9, Chapter 6, Title 12 of the 1976 Code is amended by adding:
"Section 12-6-1175. Withdrawal of funds at any age from an Individual Retirement Account (IRA), a 401-K account, or other qualified tax-deferred plan by a resident of this State is free of all State of South Carolina income tax or penalties for early withdrawal if all of the funds are contributed to a charitable, educational, religious, or eleemosynary organization within sixty days of withdrawal."
SECTION 2. This act takes effect upon approval by the Governor.
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