The proposed bill, H. 3499, seeks to amend Article X of the South Carolina Constitution by adding Section 17, which establishes a "Taxpayer's Bill of Rights." This amendment mandates that any new taxes, tax rate increases, new fees, or fee increases must receive prior voter approval. It also limits increases in certain revenue and requires that any creation of long-term debt or financial obligations be backed by adequate cash reserves. The bill outlines specific procedures for notifying voters about upcoming elections related to these financial changes, including detailed information about the fiscal implications of proposed tax increases or bonded debt.

Additionally, the amendment stipulates that the maximum annual percentage change in state and local fiscal year spending is tied to inflation and population growth, with provisions for refunding excess revenue in the following fiscal year unless voters approve a change. Emergency tax measures can be enacted without voter approval under certain conditions, but they are subject to strict limitations. The proposed amendment will be presented to voters in the next general election, allowing them to decide whether to adopt these new provisions regarding taxation and government spending.