Bilateral account can reduce ownership taxes for SC – WMBF boat owners

Columbia, SC (WMBF) – a bilateral account at the State House in South Carolina can alleviate taxes for boat owners throughout the country.

S.317 was presented on the South Carolina Senate floor on Wednesday and later referred to the Senate Financing Committee.

The bill states that, if it is adopted, it will amend the State Code to “provide ownership tax exempt of fifty percent of the fair market value of water ships.” It will enter into force on January 1, 2026 and will first apply to ownership taxes in the coming years.

State Senator Stephen Goldfinch, representing the cities of Hurry and Georgetown. is one of the main sponsors of the bill.

“South Carolina is a top destination for boats and fishing, and S. 317 guarantees that we will remain competitive by reducing the tax burden on boats with 50%, Goldfinchsaid in a statement provided on Friday by the boat and fishing alliance of South Carolina. “This legislation maintains more boats and jobs here in our country. By bringing in line with our tax structure with neighboring countries, we support our maritime enterprises, strengthen our economy and make ownership of boats more accessible to the Southern Carolini. “

S.317 will first be discussed on Tuesday at the Senate Funding Tax Subcommittee in Colombia.

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