The proposed "South Carolina Equine Promotion Act" aims to enhance the equine industry in South Carolina by establishing the Equine Promotion Board, which will be responsible for overseeing the promotion and development of this sector. The board will consist of nine members with direct ties to the equine industry, appointed by various state officials and organizations, ensuring a diverse representation. The act also imposes a $2 per ton assessment on all commercial feed and custom blends labeled for equine use, which will be collected quarterly and used to fund initiatives that promote the equine industry, including research and education.

Additionally, the act mandates an annual audit of the Equine Promotion Fund by the State Auditor to ensure proper collection and expenditure of the funds. The revenues generated from the assessment will be allocated specifically for promoting the equine industry and covering administrative costs associated with the board's activities. This legislation is designed to bolster the economic contributions of the equine industry, which is significant in South Carolina, by providing a structured approach to its promotion and support.