South Carolina Statutes
§ 12-6-1220 — Individual Development Account.
Families on AFDC and those not receiving welfare but whose household income falls below one hundred eighty-five percent of the federal poverty level may own an Individual Development Account. Contributions to and interest on these accounts are tax free, and a recipient may accrue up to ten thousand dollars in the account. Withdrawals used for education or job training or to start a business or to purchase a home are tax free. Withdrawals for other purposes are not tax free. The State shall seek a waiver from the federal government providing that no lump sum payment of ten thousand dollars or less deposited in an Individual Development Account within thirty days of receipt will make the family ineligible for receipt of AFDC.
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South Carolina § 12-6-1220 (Individual Development Account.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1995 Act No. 102, Part IV, SECTION 4. ARTICLE 11 Catastrophe Savings Account
Nearby Sections
15
§ 12-6-10
Short title.§ 12-6-1110
Modifications of gross, adjusted gross, and taxable income calculated under Internal Revenue Code.§ 12-6-1120
Gross income; computation; modifications.§ 12-6-1130
Taxable income; computation; modifications.§ 12-6-1140
Deductions from individual taxable income.§ 12-6-1160
Dependent deduction for resident individual.§ 12-6-1170
Retirement income deduction from taxable income for individual; Section 12-6-1171 deduction.§ 12-6-1200
Exclusion from taxable income of amounts excluded from federal income tax by United States treaty.§ 12-6-1220
Individual Development Account.§ 12-6-1610
Definitions.