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 and first responder retirement plans. Additionally, it stipulates that surviving spouses can apply the same deduction as their deceased spouse.

Furthermore, the bill amends Section 12-6-1170 to ensure that if a taxpayer claims deductions under the new Section 12-6-1172, those deductions will reduce the cumulative amount allowed under the existing retirement income deduction provisions. However, this reduction does not apply to surviving spouses. The act is set to 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