South Carolina H 5003: Virginia "Ginger" Lee, Retirement

Bill Text

2025-2026 Bill 5003 Text of Previous Version (Jan. 22, 2026) - South Carolina Legislature Online 

South Carolina General Assembly
126th Session, 2025-2026

Bill 5003

Indicates Matter Stricken
Indicates New Matter

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A bill

TO AMEND THE SOUTH CAROLINA CODE OF LAWS 
BY AMENDING SECTION 4-10-970, RELATING TO USE OF LOCAL OPTION TOURISM 
DEVELOPMENT FEE REVENUES, SO AS TO PROVIDE THAT UP TO FIFTY PERCENT OF THE 
AMOUNT RETAINED MAY BE USED BY THE MUNICIPALITY TO PROVIDE A CREDIT AGAINST 
PROPERTY TAX LIABILITY.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1. Section 4-10-970(A)(2)(a) of 
the S.C. Code is amended to read:

 (a) at least twenty 
fifty percent of the amount retained must be used to provide a credit 
against the property tax liability imposed by the municipality on parcels of 
owner-occupied residential property located in the municipality classified for 
property taxes pursuant to Section 12-43-220(c). The credit is an amount 
determined by multiplying the appraised value of the residence by a fraction in 
which the numerator is the total estimated revenue retained by the municipality 
allocated to the credit and the denominator is the total of the appraised value 
of all such property in the municipality as of January first of the applicable 
property tax year. For purposes of this calculation, appraised value is as 
defined in Section 12-37-3130(3) reduced by the limitation provided pursuant to 
Section 12-37-3140(B);

SECTION 
2. This act takes effect upon approval by the Governor.

----XX----

This web page was last updated on January 22, 2026 at 10:44 AM