Allows deduction for contributions to and distributions from certain retirement plans in South Carolina.
The bill amends the South Carolina Code to allow a deduction for contributions to and distributions from qualified retirement plans. These plans include those defined in Internal Revenue Code Sections 408 and 457. The deduction applies to income tax years beginning after 2024. The bill takes effect upon approval by the Governor.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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