The bill S. 64 proposes to amend the South Carolina Code of Laws by adding Section 12-6-1172, which allows for a full income tax deduction of military retirement and first responder retirement income for individual taxpayers. The bill defines "first responder" and "retirement income," clarifying that the deduction applies to all taxable income received from qualified military or first responder retirement plans. Additionally, it stipulates that surviving spouses can also claim this deduction in the same manner as the deceased spouse.

Furthermore, the bill amends Section 12-6-1170 to ensure that any deductions claimed under the new Section 12-6-1172 will reduce the cumulative amount of deductions allowed under the existing law, with specific provisions for married taxpayers filing jointly. The act will take effect upon the Governor's approval and will first apply to tax years beginning after 2025.

Statutes affected:
12/11/2024: 12-6-1172, 12-6-1170
12/11/2024-A: 12-6-1172, 12-6-1170
01/17/2025: 12-6-1172, 12-6-1170
Latest Version: 12-6-1172, 12-6-1170