The House and Senate returned to Columbia this week to take up conference reports and the FY24-25 budget. This year’s budget is the result of a compromise that puts dollars to work for the people of SC through tax relief and makes key investments in core government functions – including our roads and bridges.
Specifically, the budget includes approximately $564 million in one-time allocations to the SCDOT and County Transportation Committees (CTCs). It also maintains the $120 million recurring allocation (established in FY22-23) to match IIJA funding.
Homestead Exemption (HEX) Funds significantly influenced this year’s budget. HEX Funds not only funded a large portion of the transportation infrastructure investments but were also used to accelerate income tax cuts and invest in rural infrastructure, including water/sewer.
The budget was passed by the House by a vote of 96-13 and by the Senate unanimously, 41-0.
The budget now heads to Governor McMaster, who has line-item veto authority. Any line-item vetoes issued could be addressed in the fall or when legislators return to Columbia in January to begin the 2025 session.
SCFOR applauds the work of the House and Senate and appreciates their ongoing commitment to improving our transportation infrastructure. We encourage you to reach out to your House and Senate members to thank them.