South Carolina General Assembly
111th Session, 1995-1996

Bill 4622


Indicates Matter Stricken
Indicates New Matter


                    Current Status

Bill Number:                       4622
Type of Legislation:               General Bill GB
Introducing Body:                  House
Introduced Date:                   19960215
Primary Sponsor:                   Harrell 
All Sponsors:                      Harrell 
Drafted Document Number:           gjk\22126sd.96
Companion Bill Number:             951
Residing Body:                     House
Current Committee:                 Ways and Means Committee 30
                                   HWM
Subject:                           Income tax benefits received
                                   under pension plan



History


Body    Date      Action Description                       Com     Leg Involved
______  ________  _______________________________________  _______ ____________

House   19960215  Introduced, read first time,             30 HWM
                  referred to Committee

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

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 15-35-825 SO AS TO EXEMPT FROM PROCEEDINGS TO ENFORCE A JUDGMENT LIEN IN FAVOR OF ANOTHER STATE OR POLITICAL SUBDIVISION OF A STATE ON PROPERTY IN THIS STATE FOR FAILURE TO PAY THAT STATE'S OR POLITICAL SUBDIVISION'S INCOME TAX ON BENEFITS RECEIVED UNDER A PENSION OR OTHER RETIREMENT PLAN, TO PROVIDE THAT SUCH A JUDGMENT MUST NOT BE A LIEN ON ANY PROPERTY OWNED BY A RESIDENT OF THIS STATE, AND TO PROVIDE DEFINITIONS.

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

SECTION 1. Article 9, Chapter 35, Title 15 of the 1976 Code is amended by adding:

"Section 15-35-825. (A) As used in this section pension or other retirement plan includes:

(1) an annuity, pension, or profit-sharing or stock bonus or similar plan established to provide retirement benefits for an officer or employee of a public or private employer or for a self-employed individual;

(2) an annuity, pension, or military retirement pay plan or other retirement plan administered by the United States; and

(3) an individual retirement account.

(B) All property in this State is exempt from attachment, execution, and seizure for the satisfaction of a judgment or claim in favor of another state or political subdivision of another state for failure to pay that state's or that political subdivision's income tax on benefits received from a pension or other retirement plan.

(C) A claim or judgment in favor of another state or political subdivision of another state for failure to pay that state's or that political subdivision's income tax on benefits received from a pension or other retirement plan must not be a lien on any property in this State owned by a resident of this State."

SECTION 2. This act takes effect upon approval by the Governor and applies to judgments entered before, on, and after that date.

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