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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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