The bill H. 5003 proposes an amendment to Section 4-10-970 of the South Carolina Code of Laws, which pertains to the use of local option tourism development fee revenues. The key change introduced by this bill is that it allows municipalities to use up to fifty percent of the retained tourism development fee revenues to provide a credit against property tax liability for owner-occupied residential properties. This is a modification from the previous requirement that mandated at least twenty percent of the retained amount be used for this purpose.

Specifically, the bill stipulates that the credit against property tax liability must be calculated based on the appraised value of the residence, using a formula that considers the total estimated revenue allocated to the credit and the total appraised value of all such properties within the municipality. The bill is set to take effect upon approval by the Governor.

Statutes affected:
01/22/2026: 4-10-970
Latest Version: 4-10-970