The South Carolina Department of Revenue (DOR) has issued a revenue ruling clarifying that counties can use funds from a voter-approved capital project sales tax (CPST) to pay off general obligation bond debt. Additionally, these funds can be used to reimburse the county’s general fund for expenses related to project costs incurred before the CPST referendum was approved. However, the county must outline specific details in the CPST ordinance, such as the intended use of the CPST revenue, a plan for issuing bonds, the maximum project cost, and priorities if there are multiple purposes. [S.C. Dep’t of Revenue, Revenue Ruling ...