What is the Local Option Sales Tax (LOST)?

The Local Option Sales Tax (LOST) is authorized under S.C. Code Section 4-10-10. This tax is a general sales and use tax on retail sales that are taxable under the state sales and use tax. This tax is imposed to reduce the property tax burden on persons in the counties where this tax is imposed. The S.C. Department of Revenue collects this tax on behalf of these counties. The tax would not apply to groceries and prescription medications.

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1. What is the Local Option Sales Tax (LOST)?
2. What property taxes are offset by the LOST?
3. How much would I save on my property taxes if the LOST were passed?
4. How is the LOST implemented?
5. If passed, how long is the LOST in effect?
6. What items are taxed under the LOST?
7. Which local governments can implement the LOST in South Carolina?
8. How much money would be generated by the LOST?
9. Can the LOST be refunded or exempted for certain individuals or businesses?
10. Where can I find more information about the LOST?
11. What about the Capital Project Sales Tax (CPST) I've heard about?
12. Are the CPST and the LOST the same thing?