2001-2002 Bill 3243: Bankruptcy proceedings, individual ...



BIL: 3243

TYP: General Bill GB

INB: House

IND: 20010110

PSP: W.D. Smith

SPO: W.D. Smith

DDN: l:\council\bills\dka\4041mm01.doc

RBY: Senate

COM: Judiciary Committee 11 SJ

LAD: 20020417

SUB: Bankruptcy proceedings, individual retirement accounts, annuities, and trusts; such property exempt from sale, levy

HST:

Body Date Action Description Com Leg Involved

______ ________ _______________________________________ _______ ____________

Senate 20020529 Recommitted to Committee 11 SJ

Senate 20020522 Committee report: Favorable with 11 SJ

amendment

Senate 20020418 Introduced, read first time, 11 SJ

referred to Committee

House 20020418 Read third time, sent to Senate

House 20020417 Amended, read second time

House 20020411 Committee report: Favorable with 30 HWM

amendment

House 20010110 Introduced, read first time, 30 HWM

referred to Committee

Versions of This Bill

Revised on 20020411

Revised on 20020417

Revised on 20020522

TXT:

Indicates Matter Stricken

Indicates New Matter

COMMITTEE REPORT

May 22, 2002

H. 3243

Introduced by Rep. W.D. Smith

S. Printed 5/22/02--S.

Read the first time April 18, 2002.

            

THE COMMITTEE ON JUDICIARY

To whom was referred a Bill (H. 3243) to amend Section 15-41-30, as amended, Code of Laws of South Carolina, 1976, relating to property exempted from attachment, levy, and sale, etc., respectfully

REPORT:

That they have duly and carefully considered the same and recommend that the same do pass with amendment:

Amend the bill, as and if amended, page 1, beginning on line 22, by striking SECTION 1 in its entirety and inserting therein the following:

/ SECTION 1. Section 15-41-30(12) of the 1976 Code, as added by Act 60 of 1999, is amended to read:

“(12)(a) The debtor’s right to receive interest in individual retirement accounts as described in Sections 408(a) and 408A of the Internal Revenue Code, individual retirement annuities as described in Section 408(b) of the Internal Revenue Code, and accounts established as part of a trust described in Section 408(c) of the Internal Revenue Code, which are less than fifty thousand dollars in value, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor.

(b) No more than fifty percent of the debtor’s interest in individual retirement accounts as described in Sections 408(a) and 408A of the Internal Revenue Code, individual retirement annuities as described in Section 408(b) of the Internal Revenue Code, and accounts established as part of a trust described in Section 408(c) of the Internal Revenue Code, which are equal to or greater than fifty thousand dollars in value, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor.

(c) A claimed exemption may be reduced or eliminated by the amount of a fraudulent conveyance into the individual retirement account or other plan.

(d) For purposes of this item, ‘Internal Revenue Code’ has the meaning provided in Section 12-6-40(A).” /

Renumber sections to conform.

Amend title to conform.

WILLIAM MESCHER for Committee.

            

A BILL

TO AMEND SECTION 15-41-30, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY EXEMPTED FROM ATTACHMENT, LEVY, AND SALE, SO AS TO DELETE LIMITS ON THE EXEMPTION FOR CERTAIN INDIVIDUAL RETIREMENT ACCOUNTS, ANNUITIES, AND TRUSTS.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1. Section 15-41-30(12) of the 1976 Code, as added by Act 60 of 1999, is amended to read:

“(12) The debtor’s right to receive interest in individual retirement accounts as described in Sections 408(a) and 408A of the Internal Revenue Code, individual retirement annuities as described in Section 408(b) of the Internal Revenue Code, and accounts established as part of a trust described in Section 408(c) of the Internal Revenue Code, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor. A claimed exemption may be reduced or eliminated by the amount of a fraudulent conveyance into the individual retirement account or other plan. For purposes of this item, ‘Internal Revenue Code’ has the meaning provided in Section 12-6-40(A).”

SECTION 2. This act takes effect upon approval by the Governor and applies to a court or bankruptcy proceeding filed on or after that date.

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