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 DEFINE A QUALIFIED MILITARY RETIRMENT PLAN TO INCLUDE PLANS FROM AN IDUVIDUAL'S SERVICE IN THE ARMED SERVICESS, USPHS, OR NOAA.

 

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)(1) 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. 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.

       (2) The term "qualified military retirement plan" means retirement income from all uniformed services defined under Title 38 of the United State Code and includes, but is not limited to, individuals who served in the Armed Forces, the United States Public Health Service Commissioned Corps, and the National Oceanic and Atmospheric Administration Commissioned Corps.

 

SECTION 2.  This act takes effect upon approval by the Governor.

 

----XX----