Download This Bill in Microsoft Word format
Indicates Matter Stricken
Indicates New Matter
H. 5177
STATUS INFORMATION
General Bill
Sponsors: Reps. Haddon and Burns
Document Path: l:\council\bills\jn\3570sa22.docx
Introduced in the House on March 29, 2022
Currently residing in the House Committee on Labor, Commerce and Industry
Summary: The Great Start Act
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
-------------------------------------------------------------------------------
3/29/2022 House Introduced and read first time (House Journal-page 71)
3/29/2022 House Referred to Committee on Labor, Commerce and Industry
(House Journal-page 71)
View the latest legislative information at the website
VERSIONS OF THIS BILL
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, TO ENACT THE "GREAT START ACT" BY ADDING SECTION 11-5-290 SO AS TO PROVIDE THAT THE STATE INCOME TAXES WITHHELD FROM THE PAYCHECKS OF INDIVIDUALS UNDER THE AGE OF EIGHTEEN MUST BE INVESTED INTO CERTAIN 529 ACCOUNTS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. This act may be cited as the "Great Start Act".
SECTION 2. Article 1, Chapter 5, Title 11 of the 1976 Code is amended by adding:
"Section 11-5-290. (A) The state income taxes withheld from the paycheck of an individual under the age of eighteen must be invested into a 529 account with the South Carolina College Investment Program, established pursuant to Chapter 2, Title 59, in the individual's name. The State Treasurer shall create a 529 account for each eligible individual and determine the investment strategy that is best suited for the individual.
(B) An individual under eighteen is considered to have paid all state income taxes that were withheld and invested into a 529 account pursuant to this section.
(C) The contributions made to a 529 account pursuant to this section are not eligible for any state income tax deductions allowed pursuant to Section 12-6-1140(11).
(D) The State Treasurer shall adopt rules and promulgate regulations necessary to effectuate the provisions of this section."
SECTION 3. This act takes effect upon approval by the Governor.
This web page was last updated on
May 6, 2022 at 11:24 AM