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 require prior voter approval. It also limits increases in certain revenue and stipulates that any creation of long-term debt or financial obligations must be backed by adequate cash reserves. The bill outlines specific procedures for notifying voters about upcoming elections related to these financial decisions, including detailed information about the fiscal implications of proposed changes.

Additionally, the amendment sets strict limits on the growth of state and local government spending, tying it to inflation and population growth, and requires any excess revenue beyond these limits to be refunded 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 regulations, including a requirement for a two-thirds majority vote in the General Assembly. The proposed amendment will be presented to voters in the next general election, allowing them to decide on its adoption.