Bill > H3424

This bill aims to provide property tax relief for seniors, disabled individuals, and legally blind residents in South Carolina by significantly increasing the homestead property tax exemption and implementing a small additional sales tax to fund the initiative. The bill raises the property tax exemption from $50,000 to $1 million for homeowners who are 65 or older, totally and permanently disabled, or legally blind, and who have lived in the state for at least one year. To fund this expanded exemption, the bill introduces a new 0.32 percent sales, use, and casual excise tax, which will be applied to most taxable sales starting June 1, 2025, with some exceptions like accommodations for transients and unprepared food purchased with food coupons. The additional tax revenue will be credited to the Trust Fund for Tax Relief, and the Department of Revenue is authorized to adjust sales prices to reflect the new tax. The bill will take effect upon the Governor's approval and will apply to tax years beginning after 2024, providing substantial tax relief for qualifying senior and disabled homeowners while creating a dedicated funding mechanism for the exemption.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=3424&session=126&summary=B