Greater Florence Chamber of Commerce’s Post

In case you missed it, the S.C. General Assembly’s Budget Conference Committee on Friday afternoon reached an agreement on the 2024-25 state budget. Of interest to counties includes how Homestead Exemption Fund money will be distributed. The committee agreed on: ·      $99.5 million to the General Fund to accelerate the Income Tax Reduction to 6.2%; ·      $200 million to the County Transportation Committee Acceleration Fund; ·      $100 million in non-recuring dollars to the S.C. Department of Transportation (SCDOT) for the Bridge Acceleration Fund; ·      $117.4 million to SCDOT for the Rural Road Safety Program; ·      $15 million to the S.C. Rural Infrastructure Authority (RIA) for the Rural Infrastructure Fund; ·      $15 million to RIA for the Statewide Water/Sewer Fund; and ·      $53 million to the University of South Carolina Health Sciences Campus for bond avoidance. Stay tuned! The House and Senate are expected to meet Wednesday to adopt the budget and take up several other bills pending in conference committees. The SCAC team will keep you posted on the legislative action as the 2024 session wraps up.

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