Charleston Co. schools approves major change to tax policy [Video]

CHARLESTON COUNTY, S.C. (WCSC) – New changes are coming to the Charleston County School District’s policy regarding tax increment financing districts, conveniently close to an upcoming vote on the district’s participation in funding Union Pier.

On a 5-4 vote, and after a motion to amend the policy failed, the Board of Trustees approved a policy change that included changing the number of votes required to approve a project.

A Tax Increment Financing district is a public financing tool that is used on future projects, in which the school board can vote to fund or participate in.

A policy change was necessary as the policy needed to be updated to follow state laws, but the biggest change to the policy was a supermajority vote, which was not required by state law.

The TIF policythe district currently uses calls for a supermajority of no less than two-thirds of the board or six members to …