The bill H. 4926 proposes an amendment to Section 3, Article X of the South Carolina Constitution to include an exemption for business personal property from ad valorem taxation. The amendment seeks to add a new subsection (k) that specifically states "business personal property" will be exempt from such taxes. This change aims to provide financial relief to businesses by reducing their tax burden, thereby potentially encouraging economic growth and investment within the state.

Additionally, the bill outlines the process for submitting this proposed amendment to the qualified electors during the next general election. Voters will be presented with a ballot question asking whether they support the amendment to exempt business personal property from property taxes. The outcome of this vote will determine if the amendment is enacted, reflecting the will of the electorate on this significant tax policy change.