The South Carolina Equine Promotion Act aims to enhance the economic development of the equine industry in South Carolina by establishing the Equine Promotion Board. This board will consist of nine members with direct ties to the equine industry, appointed by various state officials and organizations. The Act defines key terms related to the equine industry and imposes a $2 per ton assessment on all commercial feed and custom blends labeled for equine use. The funds collected from this assessment will be allocated to the Equine Promotion Fund, which is dedicated to promoting the equine industry, covering administrative expenses, and funding research and education initiatives.

Additionally, the Act mandates an annual audit of the Equine Promotion Fund by the State Auditor to ensure compliance with the regulations regarding the collection and expenditure of funds. The board will also be responsible for overseeing the use of these funds, which are intended solely for the promotion of the equine industry in South Carolina. The Act will take effect upon approval by the Governor.