SC H4299

Establishes the "Insurance Savings Program" allowing South Carolina residents to open individual savings accounts to pay insurance policy deductibles on real property and fund renovations that make property more insurable to reduce premiums and deductibles

Authorizes the State Treasurer to implement and administer the program, including selecting program managers, developing marketing plans, setting fees, and establishing disbursement methods

Contributions to accounts are deductible from South Carolina individual taxable income, and earnings on accounts are excluded from state income tax if used for qualified withdrawals

Funds held in insurance savings accounts are exempt from attachment, execution, or garnishment by creditors of the contributor or designated beneficiary

Creates two funds within the State Treasurer's Office: the Insurance Savings Program Trust Fund for deposits and the Insurance Savings Expense Fund for administrative costs