Bill > H4808

This bill amends South Carolina's law regarding joint county industrial or business parks to provide more financial protection for school districts and other taxing entities. Specifically, the legislation requires that when a joint industrial park is created, each affected school district must receive the same portion of revenue that it would have received in property taxes if the park had not been established. Additionally, for other taxing entities like municipalities, the bill mandates that counties must obtain consent from those entities if the park would change their tax revenue. If a county creates a joint park without a taxing entity's consent, that entity must still receive the same portion of revenue it would have received in property taxes before the park's creation. This ensures that local governments and school districts are not financially disadvantaged by the formation of multi-county industrial parks, protecting their potential tax base and revenue streams. The bill will take effect upon the Governor's approval.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=4808&session=126&summary=B