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Bill

H 3333

Tax Increment Financing

2025-2026 Regular Session Introduced by Micah Caskey and 2 co-sponsors

South Carolina enacts Tax Increment Financing law enabling municipalities to redirect future property tax gains to fund infrastructure in designated development districts.

Act No. 24
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Bill Summary · H 3333

Legislative bill overview

H 3333 establishes or modifies Tax Increment Financing (TIF) mechanisms in South Carolina, a development tool where future tax revenues generated from property improvements in designated districts are captured to fund infrastructure and redevelopment projects. The bill became effective July 1, 2025, and was signed into law in May 2025.

Why is this important

TIF districts are frequently used to incentivize private investment in economically distressed or underdeveloped areas by redirecting incremental property tax increases back into those areas rather than general state and local budgets. This directly impacts municipal budgets, school funding, and development patterns across South Carolina communities.

Potential points of contention

  • School funding impact: TIF mechanisms reduce property tax revenue to school districts during the financing period, potentially affecting educational funding unless explicitly protected in the bill
  • Fiscal transparency: TIF districts can obscure long-term financial obligations and may benefit developers more than communities if oversight mechanisms are weak
  • Equity concerns: These incentives may disproportionately benefit certain neighborhoods or developer interests while concentrating costs on general taxpayers and reducing funds for other public services

Compiled from official sources — confirm details with the bill’s official record.

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