The bill H. 3496 aims to amend the South Carolina Code of Laws by adding Section 4-1-190, which establishes new requirements for counties entering into fee in lieu of property taxes agreements. Specifically, it mandates that counties must consult with other affected taxing entities before finalizing such agreements, providing projections of expected revenue distributions and the methods used for these calculations. This consultation is intended to ensure transparency and collaboration among the various taxing entities impacted by the agreements.

Additionally, the bill requires counties to issue an annual report detailing the total revenue generated from these agreements, the amounts distributed to each taxing entity, and the calculations behind these distributions. If a county fails to distribute the correct amounts to the affected entities, the State Treasurer is authorized to withhold the county's State Aid to Subdivisions Act distribution until compliance is achieved. This legislation is designed to enhance accountability and ensure that all parties involved are adequately informed and compensated.

Statutes affected:
12/05/2024: 4-1-190
Latest Version: 4-1-190