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H 4299

Insurance Savings Program

2025-2026 Regular Session Introduced by Jordan Pace

South Carolina bill creates an Insurance Savings Program allowing tax-deductible deposits to fund insurance deductibles and retrofit work to lower premiums.

Referred to Committee on Labor, Commerce and Industry
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Bill Summary · H 4299

Summary — Bill H 4299 / Insurance Savings Program (documents include two different texts)

Note: The packet you provided appears to contain two distinct legislative texts under a single heading: (A) Massachusetts House Bill No. 4299 (filed by Rep. Patricia Duffy) that would exempt the City of Holyoke’s Fire Chief from civil service law; and (B) a South Carolina draft bill to create an “Insurance Savings Program.” Below are concise, separate summaries of each, followed by procedural status and potential impacts.

A. Massachusetts — H.4299 (Holyoke): Exempt Fire Chief from Civil Service Law

Purpose

Authorize the City of Holyoke to exempt the position of Fire Chief from the state civil service statute (Chapter 31 of the Massachusetts General Laws).

Key provisions

  • Section 1: Repeals Chapter 278 of the Acts and Resolves of 1917 (specific repeal language in the bill).
  • Section 2: Explicitly exempts the Fire Chief position in Holyoke from Chapter 31 (civil service).
  • Section 3: Preserves the civil service status of the current incumbent Fire Chief if that person holds civil service status on the act’s effective date.
  • Section 4: Act takes effect upon passage.

Who is affected

  • The City of Holyoke (local personnel policy).
  • Current incumbent Fire Chief (protected from losing existing civil service status).
  • Future applicants for the Fire Chief position (selection and hiring processes would no longer be governed by the state civil service rules).

Procedural/timeline notes

  • Filed/presented by Rep. Patricia A. Duffy (5th Hampden), docketed 07/07/2025.
  • The version indicates local approval (mayor and city council).
  • Effective immediately on enactment.

Potential impact

  • Shifts appointment/discipline/hiring authority for that position from civil service processes to local control (may allow appointment by mayor or other local mechanism).
  • Could affect hiring transparency, competitive exam requirements, and job protections for future chiefs (but protects current incumbent).

B. South Carolina — Proposed “Insurance Savings Program” (Addition to S.C. Code, Title 11, Chapter 5, Article 7)

Purpose

Create a state-run “Insurance Savings Program” to let individuals establish designated savings accounts to:
- Pay insurance-policy deductibles on real property, and
- Fund property renovations that increase insurability and thereby reduce premiums/deductibles.

Key provisions (selected)

  • Establishes the program (Section 11-5-700) and definitions (11-5-710) including “account owner,” “program manager,” “qualified withdrawal,” and references to federal 529A rollover rules.
  • State Treasurer implements and administers the program (11-5-720); consults State Department of Insurance on eligible expenses; may adopt rules, hire consultants, collect fees, and issue annual reports.
  • Program managers (financial organizations or other states’ agencies) selected by competitive proposal; contracts must include reporting, segregation of accounts, audits, and recordkeeping (11-5-730).
  • Amends S.C. tax code (Section 12-6-1140) to allow deduction from individual taxable income for amounts deposited into the Insurance Savings Program and any earnings thereon (as described in the bill summary).

Who is affected

  • Homeowners and property owners in South Carolina who carry property insurance.
  • Financial organizations selected as program managers or depositories.
  • State Treasurer’s office and Department of Insurance (administration/oversight).
  • State tax revenues (due to permitted deductions).

Procedural/timeline notes

  • Text dated 04/03/2025 (filed); full selection and administrative details to be defined by Treasurer rulemaking and contracts.
  • Program design allows multi-manager approaches and interstate contracting.

Potential impact

  • Creates a tax-advantaged mechanism to encourage private saving for deductibles and retrofit work that lowers insurance risk.
  • Could reduce individual out-of-pocket shock from deductible payments and incentivize loss-mitigation property improvements.
  • May reduce premium exposure for insurers if retrofit uptake is significant; tax deduction could reduce state income tax revenue depending on participation and caps (the excerpt does not show contribution limits or penalty rules; details to be set in implementing rules or later statutory language).
  • Administrative costs and oversight obligations for the Treasurer and contracted program managers.

Final note on the submission

Because the materials provided include two different jurisdictional bills (Massachusetts local civil-service exemption and a South Carolina statewide Insurance Savings Program), confirm which bill you want prioritized or whether you want separate expanded analyses (e.g., fiscal notes, likely stakeholders, suggested amendments).

Compiled from official sources — confirm details with the bill’s official record.

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