Greater Myrtle Beach Collaborative comments on unanimous approval by the Myrtle Beach City Council on changes to Tourism Development Fee revenue investments:
Myrtle Beach City Council unanimously approved an agreement with the Greater Myrtle Beach Collaborative to pursue changes to how Tourism Development Fee (TDF) revenue is invested in our community.
The agreement would support continued tourism promotion, preserve property tax relief for qualifying Myrtle Beach homeowners and dedicate funding to tourism-related improvements that help attract visitors and strengthen our local economy.
What would change?
The TDF is a 1 percent sales tax collected on purchases within Myrtle Beach city limits. Currently, 80 percent of its revenue supports tourism advertising and promotion through Visit Myrtle Beach. The remaining 20 percent goes to the city for property tax credits for qualifying owner-occupied homes.
Under the proposed changes:
60 percent would support tourism advertising and promotion through Visit Myrtle Beach, attracting visitors from outside South Carolina.
20 percent would go to the City of Myrtle Beach for property tax credits for qualifying permanent Myrtle Beach residents.
20 percent would go to the City of Myrtle Beach for tourism-related capital projects, including improving existing tourism facilities and amenities and creating new attractions to bring more visitors, encourage longer stays, and support the local economy.
Visit Myrtle Beach is the destination marketing organization within the Greater Myrtle Beach Collaborative, which also includes the Myrtle Beach Area Chamber of Commerce and Partnership Grand Strand.
What happens next?
Council’s approval is an important step, but it does not change how TDF revenue is distributed today. The current allocation is set by state law, so the city and The Collaborative must now work with state lawmakers to advance the proposed changes.
Member support will be important as this effort moves forward. We’ll keep you informed and share specific opportunities to help make the case to state lawmakers.
Thank you for your continued support of our tourism economy and the businesses, jobs, and community it sustains.
-The Greater Myrtle Beach Collaborative
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