As you may already know, Horry County Council's is considering replacing the Capital Projects Tax, known locally as the RIDE Program, with the Transportation Tax. The Transportation Tax and Capital Projects Tax are both local option Sales and Use taxes, but they possess distinct differences.
One notable distinction lies in the duration of tax collection. The Capital Projects Tax has a collection period of up to seven years, whereas the Transportation Tax can be collected for up to twenty-five years.
Consequently, the revenue generated by each tax will vary significantly. Projections indicate that the Capital Projects Tax will accumulate approximately $925 million over seven years, while the Transportation Tax is estimated to generate a substantial $4 billion over twenty-five years.
Another contrasting factor between these taxes pertains to the approval process. In the case of the Capital Projects Tax, a list of infrastructure projects must be endorsed by an advisory committee, a sales tax commission, and Horry County Council prior to its presentation on the general election ballot for voter consideration.
Conversely, the Transportation Tax solely necessitates approval from Horry County Council before it can proceed to a vote.
Pursuant to the Capital Projects Sales Tax Act, Horry County Council is actively progressing with the establishment of a six-member sales tax commission. This commission will consist of three appointees from the municipalities with the highest population, namely Myrtle Beach, North Myrtle Beach, and Conway, alongside three additional representatives directly appointed by the county council.
Importantly, irrespective of the Horry County Council's decision to adopt the Transportation Tax, the list of recommended road projects put forward by the sales tax commission is highly likely to be included on the general election ballot in 2024.
