Amends South Carolina law to allow municipalities to use up to 50% of tourism development fee revenue for property tax credits.
The bill amends South Carolina law to allow municipalities to use up to 50% of the retained tourism development fee revenue to provide a credit against property tax liability for owner-occupied residential property. The credit amount is calculated based on the appraised value of the property and the total retained revenue. This change aims to offer financial relief to property owners by reducing their tax burden.
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