New bill could ease property taxes for S.C. boat owners
COLUMBIA, S.C. (WRDW/WAGT) - A bill in the South Carolina State House could ease taxes for boat owners across the state.
If ed, the bill states it would amend state code to “provide a property tax exemption of fifty percent of the fair market value of watercraft.”
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It would also go into effect on Jan. 1, 2026, and first apply to property taxes in the years following.
State Sen. Stephen Goldfinch, representing Horry and Georgetown counties. is among the primary sponsors of the bill.
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“South Carolina is a top destination for boating and fishing, and S. 317 ensures we remain competitive by cutting the tax burden on taxpaying boat owners by 50%,” Goldfinch said in a statement provided Friday by the South Carolina Boating & Fishing Alliance. “This legislation keeps more boats and jobs right here in our state. By aligning our tax structure with neighboring states, we’re ing our marine businesses, strengthening our economy, and making boat ownership more accessible for South Carolinians.”
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The bill will first be discussed Tuesday in the Senate Finance Property Tax Subcommittee in Columbia.
In January, a bill was proposed in the statehouse that could require boats of a certain size to have liability insurance.
The legislation would require owners of boats or other watercraft of at least 16 feet in length to carry liability insurance of at least $50,000 of coverage.
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