(The Center Square) — South Carolina senators will soon consider a fiscal 2024-25 budget for the state, a plan that includes nearly $100 million to speed up a personal income tax reduction.
Last week, the Senate Finance Committee gave the thumbs up to its version of a state budget, H.5100, and a Capital Reserve Fund, H.5101, sending both to the full Senate for consideration.
The budget includes a beginning base of $11.6 billion for state agencies and nearly $2.2 billion in additional general fund allocations, including $657.2 million in recurring funds and more than $1.1 billion in nonrecurring provisos. It also includes $390.1 million from the Capital Reserve Fund.
Combined, the state general fund spending totals roughly $13.8 billion.
Overall, the Senate Finance Committee’s spending plan totals $40.8 billion, including other funds such as federal tax dollars. According to a budget document, allocations include $15.2 billion for health and human services, $8.4
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