{"data":{"id":"us-sc/s.c.-code-ann.-12-6-1220","jurisdiction":"us-sc","citation":"S.C. Code Ann. § 12-6-1220","heading":"Individual Development Account.","body":"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.\nThe 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.","path":["Title 12 - TAXATION","CHAPTER 6 South Carolina Income Tax Act","ARTICLE 9 Taxable Income Calculation"],"source_url":"https://www.scstatehouse.gov/code/t12c006.php","current_through":"2025 Session of the General Assembly","vintage":"","retrieved_at":"2026-09-02T06:34:54Z","sha256":"583ae1af563bf416ecabc162b3ace1ed92adfc1bbb3e1981ca5c5cf7dabbb7ac","source_id":"us-sc","stale":false,"prev":"us-sc/s.c.-code-ann.-12-6-1210","next":"us-sc/s.c.-code-ann.-12-6-1610"},"notice":"GroundRules: Original legal text. Not legal advice."}