The new account may alleviate ownership taxes for SC – WRDW boat owners

Columbia, SC (WRDW/WAGT) – a bill in the State House in South Carolina can alleviate taxes for boat owners throughout the country.

If it is adopted, the bill states that 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.

More from news 12

South Carolina: Last of the State House

1. The State Senate confirms a new director of the NA Nature Resources Division
2. South Carolina legislators sail for regulation
3. SC General Prosecutor Guided Faci Investigation Over Pandemia
4. The bilateral bill strives to deal with the challenges of care for children on SC
5. SC General Lawyer calls on sheriffs to partner with ice
6. SC can extend the protection for victims of violence in an intimate partner
7. SLED, SC Education Department among agencies under consideration
8. Cannabis Capitol rally returns to SC State House
   

“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. “

The bill will first be discussed on Tuesday at the Senate Funding Tax Subcommittee in Colombia.

A bill was offered in the State House that could Require boats of a certain amount to have liability insurance.

The legislation will require boat owners or other water vessels with a length of 16 feet in order to carry liability insurance of at least $ 50,000 coverage.

We will inform you as the bills continue at the State House.

Copyright 2025 WRDW/WAGT. All rights reserved.