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SC H5364
Bill
Status
Introduced
3/11/2026
Primary Sponsor
Jermaine Johnson
Click for details
AI Summary
- Creates a new South Carolina income tax deduction allowing taxpayers to deduct 100% of their South Carolina state retirement income from taxable income
- Applies to retirement benefits received from qualified state retirement plans under Title 9, provided distributions are not subject to early withdrawal penalties
- Extends the deduction to surviving spouses receiving retirement benefits attributable to a deceased spouse's state service, including retirement benefit plans and dependent indemnity compensation
- Amends existing retirement income deduction rules (Section 12-6-1170) to reduce other retirement deductions by the cumulative amount claimed under this new provision, preventing double benefits
- Takes effect upon Governor's approval and applies to tax years beginning after 2026
Legislative Description
State Retirement Income Tax Deduction
Last Action
Referred to Committee on Ways and Means
3/11/2026
Committee Referrals
Ways and Means3/11/2026
Full Bill Text
No bill text available