South Carolina 2025-2026 Regular Session Status: In Committee

H 3500 — IRA deduction

Last action — Referred to Committee on Ways and Means

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill is in committee in the House. Introduced December 05, 2024. It must pass committee before a floor vote.

Next likely step: a committee vote, then a floor vote in the House.

Prognosis

Stalled 14% · moderate confidence

Where this bill stands today.

Odds of enactment

Low

How often bills like it became law.

  • In Committee

    Current position in the legislative process.

  • 1 sponsor

    1 primary, 0 co-sponsors signed on.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

A BILL TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 12-6-1140, RELATING TO INCOME TAX DEDUCTIONS, SO AS TO ALLOW A DEDUCTION FOR CONTRIBUTIONS TO AND DISTRIBUTIONS FROM CERTAIN RETIREMENT PLANS.

Bill Text

What changed in the latest version

20 added · 7 removed

Plain-language change summary

The proposed amendment to South Carolina's income tax code specifies that contributions to and distributions from certain retirement plans will now be deductible from state income taxes, provided they don’t incur penalties for early withdrawal. This means residents can potentially reduce their taxable income by taking advantage of their retirement savings. This change matters because it encourages saving for retirement, making it more financially beneficial for individuals to contribute to their retirement plans. Additionally, it ensures that individuals can withdraw funds when necessary without facing penalties, promoting greater financial flexibility during emergencies.

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2025-2026 Bill 3500 Text of Previous Version (Dec.
06, 2024) - South Carolina Legislature Online South Carolina General Assembly126th Session, 2025-2026Bill 3500Indicates Matter StrickenIndicates New Matter(Text matches printed bills.
Document has been reformatted to meet World Wide Web specifications.)                 A bill   TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 12-6-1140, RELATING TO INCOME TAX DEDUCTIONS, SO AS TO ALLOW A DEDUCTION FOR CONTRIBUTIONS TO AND DISTRIBUTIONS FROM CERTAIN RETIREMENT PLANS.
  Be it enacted by the General Assembly of the State of South Carolina:
  SECTION 1.  Section 12-6-1140 of the S.C.
Code is amended by adding:
      (15) contributions to and distributions from a qualified retirement plan that are not subject to a penalty for premature distribution.
For purposes of this item, qualified retirement plans include those plans defined in Internal Revenue Code Sections 408 and 457.
Amounts deducted pursuant to this section shall reduce the deduction allowed pursuant to Section 12-6-1170 in an equal amount.
  SECTION 2.  This act takes effect upon approval by the Governor and applies to income tax years beginning after 2024.
----XX---- This web page was last updated on December 06, 2024 at 12:22 PM
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Action History

  1. Referred to Committee on Ways and Means

  2. Introduced and read first time

  3. Referred to Committee on Ways and Means

  4. Prefiled

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 169 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (169)

169 members have not signed on to this bill.

Show all 169 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does H 3500 do?
A BILL TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 12-6-1140, RELATING TO INCOME TAX DEDUCTIONS, SO AS TO ALLOW A DEDUCTION FOR CONTRIBUTIONS TO AND DISTRIBUTIONS FROM CERTAIN RETIREMENT PLANS.
Who sponsors H 3500?
H 3500 is sponsored by Representative J. Todd Rutherford.
What is the current status of H 3500?
This bill is in committee in the House. Introduced December 05, 2024. It must pass committee before a floor vote.
Where can I track H 3500?
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