To impose a gross receipts tax pursuant to § 10-52B-1, the governing body of a county shall adopt an ordinance pursuant to chapter 7-18A. The ordinance must specify the governing body will provide property tax relief on the county property tax levy to all property classified as owner-occupied, as defined in § 10-13-39, in the county and must direct the creation of the property tax reduction fund to be administered in accordance with this chapter.

Source: SL 2026, ch 55 , § 8.