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South Carolina’s $40 billion budget for the coming fiscal year has been a moving target for members of the all-powerful legislative branch of state government. Now, the political calculus has changed once again. Last week, state economists certified another $1 billion in new money for the Palmetto State’s “Republican” supermajority to play with as it crafts a 2025-2026 spending plan.
According to economists from the S.C. Revenue and Fiscal Affairs (SCRFA), this influx of new cash was attributable to “a stronger than expected April tax filing season.”
The first pot of money? A one-time infusion of $669 million to the state’s general fund.
“This figure represents additional one-time (or non-recurring) funds that the budget conference committee will have available in preparing a budget recommendation for the General Assembly to consider,” the economists noted in their release (.pdf).
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Additionally, lawmakers have $377.2 million in new, surplus money to spend on a recurring basis – meaning they have a total of $1.046 billion in new money available to them for the fiscal year beginning on July 1, 2025.
Those of you who have been following FITSNews for any extended period of time know exactly what we believe should be done with this money.
It should be returned to taxpayers… every last cent of it.
“Republicans” have offered up a modest $400 million tax cut in the current budget – a pork-laden behemoth which is currently clocking in at $39.2 billion. We’re told another $500 million in relief could be forthcoming via efforts from S.C. senators.
Add this $1 billion in new money to the equation and the GOP could – at long last – be looking at significant tax relief for South Carolinians at a time when they desperately need it.
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ABOUT THE AUTHOR…
Will Folks is the founding editor of the news outlet you are currently reading. Prior to founding FITSNews, he served as press secretary to the governor of South Carolina. He lives in the Midlands region of the state with his wife and eight children.
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