Bill > H3496

This bill amends South Carolina law to introduce new requirements for counties entering into Fee In Lieu of Property Taxes (FILOT) agreements, which are alternative tax arrangements between counties and businesses. The bill mandates that before finalizing a FILOT agreement, a county must consult with other taxing entities (like school districts or municipalities) and provide detailed revenue projections, explaining how those projections were calculated. Additionally, the county must submit an annual report to these taxing entities detailing the total revenue generated by the agreement, the specific amount distributed to each entity, and the calculation method used for those distributions. If a county fails to distribute the correct amount to an affected taxing entity in any given year, the State Treasurer will withhold the county's State Aid to Subdivisions Act distribution until the proper distribution is made. This legislation aims to increase transparency and accountability in how FILOT agreements are structured and implemented, ensuring that all affected local government entities are informed and properly compensated.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=3496&session=126&summary=B