The bill H. 4812 aims to amend Section 12-6-1171 of the South Carolina Code of Laws, specifically regarding the definition of "retirement income." The amendment includes a qualified retirement plan for officers of the Commissioned Corps of the United States Public Health Service and the Commissioned Corps of the National Oceanic and Atmospheric Administration within the existing definition of retirement income. This change ensures that retirement income from these additional military-related sources is recognized for tax purposes, allowing for potential deductions.

The bill also clarifies that for surviving spouses, "retirement income" encompasses not only the retirement benefits from the aforementioned plans but also includes dependent indemnity compensation related to the deceased spouse's military service. The act is set to take effect upon approval by the Governor and will apply to tax years beginning after 2025.

Statutes affected:
12/17/2025: 12-6-1171
Latest Version: 12-6-1171