What's arguably the most important taxation bill before the S.C. General Assembly has gotten little media attention because observers give it little chance of passage this year. But Horry County residents should hope it passes next year.

The bill in question would allow S.C. counties, at local voters' option, to implement a 1 cent sales tax for school construction. The proceeds would buy down the portion of the school mill levy devoted to construction of new schools. For Horry County, that would translate into a 22-mill property-tax cut.

Better still, the money the 1 cent sales tax brings in could rescue Horry County Schools from bonded indebtedness in a few years. Once existing debt was paid off, the district could build schools and expand existing ones on a pay-as-you-go basis.

Why isn't it likely to pass this year? It's a hard vote for some legislators, especially those in S.C. areas where retail sales are few. Also, there are competing sales-tax proposals vying for legislative attention this year. And time in the 2003 General Assembly session is running short. The bill will survive into 2004, where observers give it a better chance of passage.

We have railed against the S.C. education-establishment-backed proposal to raise the state sales tax 2 cents per dollar and devote the proceeds to public school budgets. But not all sales-tax proposals are created equal.

Local merchants would be collecting much of the local-option sales-tax money from visitors on vacation. The proceeds would be spent here to house our public schoolchildren in top-notch facilities with top-notch equipment.

The 2 cent state sales tax, in contrast, would mine Horry County for dollars and then, via the state school-aid formula, transfer those dollars to other S.C. school districts. Little would go to our schools.

Horry County legislators should make passage of the bill a priority in 2004. The home folks deserve the chance, at referendum, to decide whether this is a better way to finance local school construction.