spot_img

South Carolina House passes $41B spending plan

Date:

spot_img

(The Center Square) — The South Carolina House of Representatives passed a fiscal 2024-25 budget, a roughly $40.9 billion spending plan that includes property and income tax breaks and increased school spending.

State leaders built a budget while anticipating “a lean budget year,” advancing a plan they said balances new revenue with tax cuts and health plan funding.

Budget documents show the spending plan, House Bill 5100, which lawmakers passed by a 104-15 margin, relies on more than $13.6 billion in federal funds. Additionally, it anticipates a roughly $13.2 billion general fund revenue forecast for fiscal 2024-25, which the South Carolina Board of Economic Advisors reaffirmed when it met last month.

“By prioritizing efficient government spending and strategic investments, we’re ensuring a brighter future for all South Carolinians,” House Majority Leader Davey Hiott, R-Pickens, said in a statement posted to X, formerly Twitter. “Our fiscal responsibility and focus on core government functions demonstrate our commitment to the state’s prosperity.”

It includes $500 million in property tax credits, which lawmakers said averaged $359 per home, and $100 million to reduce the state income tax reduction from 6.4% to 6.3%. It also includes $200 million to increase teacher salaries and $35 million for school buses.

On the healthcare front, the budget includes more than $100 million for healthcare maintenance and provider rate increases and $107.5 million to cover increases without impacting employee premiums. The plan also includes $55 million for port expansion.

“This is an investment in our state’s most valuable resource – its people,” state Rep. Bruce Bannister, R-Greenville, chairman of the House Ways and Means Committee, said in a statement. “From tax relief to bolstering our educational and healthcare systems, this budget is poised to enhance the quality of life for every resident.”

McMaster’s proposed Executive Budget totaled more than $39.9 billion, an increase from the $38.8 billion fiscal 2023-24 budget. The House Ways and Means Committee proposal increased the total to more than $40 billion.

In an analysis, the South Carolina Policy Council said the proposed budget exceeds the South Carolina Sustainable Budget by $31.1 million. The group created the South Carolina Sustainable Budget, a “maximum limit on annual recurring general funds appropriations based on the rate of state population growth plus inflation,” in 2022.

Read the Black Chronicle Black History Edition for Free! Click Below

Read the Black Chronicle Black History Edition for Free! Click Below

spot_img
spot_img

Subscribe

Share post:

Popular

More like this
Related

Biden’s easing of Iran sanctions in focus after missile strike on Israel

President Joe Biden is taking heat from Republicans for...

Cook County government seeks business engagement and equity

(The Center Square) – Cook County officials are pushing...