South Carolina Statutes
§ 59-4-100 — Program and fund not liable for taxes, fees or assessments; contributions deductible; money or benefits received not taxable if used for specified purposes.
Notwithstanding any other provision of law, neither the program nor the fund is liable for income taxes, and neither the program nor the fund is liable for local taxes, fees, or assessments. In addition, contributions to the fund credited to a beneficiary's account entitle the contributor to a deduction for purposes of the state individual income tax, and these contributions must not be included in the South Carolina gross income of the beneficiary or anyone required to support the beneficiary. Furthermore, earnings on the account, tuition waivers, credits or payments for tuition, or any money or payout that the designated beneficiary receives or from which he benefits to the extent that the payments are used for tuition expenses during the same calendar year in which they are received sha
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South Carolina § 59-4-100 (Program and fund not liable for taxes, fees or assessments; contributions deductible; money or benefits received not taxable if used for specified purposes.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1997 Act No. 155, Part II, SECTION 4A; 2001 Act No. 72, SECTION 4.
Nearby Sections
13
§ 59-4-10
Short title; purpose.§ 59-4-110
New participants prohibited.§ 59-4-20
Definitions.§ 59-4-70
Annual financial report.§ 59-4-90
Payroll deductions.