A bill

 

TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 12-6-1171, RELATING TO THE MILITARY RETIREMENT INCOME DEDUCTION, SO AS TO INCLUDE A QUALIFIED RETIREMENT PLAN FOR AN OFFICER OF THE COMMISSIONED CORPS of the United States Public Health Service and the Commissioned Corps of the National Oceanic and Atmospheric Administration IN THE DEFINITION OF "RETIREMENT INCOME".

 

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

 

SECTION 1.  Section 12-6-1171(B) of the S.C. Code is amended to read:

 

    (B) The term "retirement income", as used in this section, means the total of all otherwise taxable income not subject to a penalty for premature distribution received by the taxpayer or the taxpayer's surviving spouse in a taxable year from a qualified military retirement plan or a qualified retirement plan for an officer of the Commissioned Corps of the United States Public Health Service or the Commissioned Corps of the National Oceanic and Atmospheric Administration. For purposes of a surviving spouse, "retirement income" also includes a retirement benefit plan and dependent indemnity compensation related to the deceased spouse's military service.

 

SECTION 2.  This act takes effect upon approval by the Governor and applies to tax years beginning after 2025.

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