Establishes the Insurance Savings Program to allow individuals to save funds for insurance deductibles and property renovations.

The bill establishes the Insurance Savings Program in South Carolina, enabling individuals to save private funds for paying insurance policy deductibles and making property renovations to reduce insurance premiums and deductibles. The State Treasurer is authorized to implement the program, including selecting program managers, setting fees, and developing marketing plans. Contributions to the accounts are in cash only, and the accounts are exempt from creditor claims. Earnings on qualified withdrawals are tax-free, while nonqualified withdrawals are subject to state income tax.

Establishes the Insurance Savings Program to allow individuals to save funds for insurance deductibles and property renovations.

The bill establishes the Insurance Savings Program in South Carolina, enabling individuals to save private funds for paying insurance policy deductibles and making property renovations to reduce insurance premiums and deductibles. The State Treasurer is authorized to implement the program, including selecting program managers, setting fees, and developing marketing plans. Contributions to the accounts are in cash only, and the accounts are exempt from creditor claims. Earnings on qualified withdrawals are tax-free, while nonqualified withdrawals are subject to state income tax.