Tourism Development Fee
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill changes how local tourism development fees are used by municipalities in South Carolina. Currently, a certain amount of these fees must be used for specific tourism-related projects. This bill allows up to fifty percent of the retained fees to be used as a credit against property tax liability for owner-occupied residential properties within the municipality. This change aims to provide property owners with a potential tax reduction based on tourism revenue.
Key provisions
- Allows municipalities to use up to 50% of tourism development fees.
- The fee credit is applied to property taxes.
- The credit is based on the appraised value of the property.
- The credit is calculated relative to the total appraised value of owner-occupied residential properties in the municipality.
- The credit applies to properties classified for property taxes under Section 12-43-220(c).
Who is affected
- Municipalities in South Carolina
- Property owners of owner-occupied residential properties
- Taxpayers
Notable changes
- Increases the percentage of tourism development fees municipalities can use for property tax credits.
- Introduces a formula for calculating the property tax credit based on property value.
Bill text
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Sponsors
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1 on record
Primary sponsor
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