The funds collected from the imposed assessment will be specifically designated for research, education, and promotion of the equine industry. The bill stipulates that the available resources will support activities aimed at facilitating the growth and sustainability of this important agricultural sector. An annual audit of the Equine Promotion Fund will ensure accountability and proper allocation of the funds, as certified by the State Auditor. This approach is intended to provide a sustainable financial mechanism for enhancing the industry's viability in South Carolina while also adhering to principles of transparency and good governance.
House Bill 3279, known as the South Carolina Equine Promotion Act, aims to enhance and promote the equine industry within the state. The bill establishes the Equine Promotion Board, which is responsible for managing an assessment on the sale of commercial horse feed and custom blends labeled for equine use. The bill's overarching goal is to capitalize on the contributions of the equine industry, which are valued at billions of dollars and encompass components such as job creation, economic development, and state tax revenue. By imposing a fee of two dollars per ton on all applicable commercial feed, the bill seeks to fund initiatives beneficial to the equine industry through the newly created Equine Promotion Fund.
Despite its intentions, the bill may face contention concerning the implications of imposing an additional fee on horse feed. Stakeholders within the equine community could express concerns about the additional costs associated with this fee, especially among small businesses and individual horse owners. Moreover, discussions around the governance structure of the Equine Promotion Board and the selection process for board members might spark debates on representation and inclusivity within the equine industry. As the bill progresses, these issues will likely become focal points for discussions among lawmakers and industry supporters alike.