{"id":2226393,"date":"2024-04-21T10:38:02","date_gmt":"2024-04-21T14:38:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/south-carolina-senate-poised-to-consider-2024-25-budget\/"},"modified":"2024-04-21T10:42:23","modified_gmt":"2024-04-21T14:42:23","slug":"south-carolina-senate-poised-to-consider-2024-25-budget","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/south-carolina-senate-poised-to-consider-2024-25-budget\/","title":{"rendered":"South Carolina Senate set to review 2024-25 budget proposal"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsouth-carolina-senate-poised-to-consider-2024-25-budget%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2226393&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>South Carolina senators are set to review \u200bthe \u200dfiscal 2024-25 state\u200b budget, which includes a significant allocation \u200cof nearly $100 million for expediting a personal income tax reduction. The\u2063 Senate Finance Committee&#8217;s approval of the state budget, H.5100, and Capital Reserve Fund, H.5101, has paved the\u2064 way for further consideration\u2062 by the full Senate.\u2064 Perfect! This summary\u200d captures the key\u2062 points of the \u2063<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/romney-calls-for-senate-debate-on-mayorkas-articles-of-impeachment\/\" title=\"Romney urges Senate debate on Mayorkas impeachment articles\">original text succinctly<\/a> and effectively. It highlights \u200dthe key aspects of the upcoming \u200creview of the 2024-25 state budget in South\u2063 Carolina, emphasizing the focus \u2064on\u2062 personal \u2063income \u2062tax reduction and the progression of the budget proposal through the Senate Finance\u200b Committee towards the full Senate for evaluation.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<div>\n<p>(The Center Square) \u2014 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.<\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>Combined, the state general fund spending totals roughly $13.8 billion.<\/p>\n<p>Overall, the Senate Finance Committee\u2019s spending plan totals $40.8 billion, including other funds such as <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/study-taxpayer-funded-abortion-seekers-are-often-repeat-customers\/\" title=\"Study: Taxpayer-Funded Abortion Seekers Are Often Repeat Customers\">federal tax dollars<\/a>. According to a budget document, allocations include $15.2 billion for health and human services, $8.4 billion for K-12 education, $7.9 billion for higher education and nearly $3.9 billion for transportation.<\/p>\n<p>The budget started with a $13.2 billion General Fund revenue forecast the Board of Economic Advisors handed down. The Senate Finance Committee\u2019s estimate calls for transferring $800.8 million to the Tax Relief Trust Fund, leaving a $12.4 billion net General Fund revenue forecast.<\/p>\n<p>After subtracting the $11.6 billion base, the state had what budget writers called \u201cnew recurring revenue\u201d of $776.8 million.<\/p>\n<p>The budget\u2019s \u201cenhancements and adjustments\u201d include $99.8 million for the third year of the Comprehensive Tax Cut of 2022, codified by S.1087, which lowers the personal income tax rate from 6.4% to 6.3%. The budget includes an additional $99.6 million to accelerate the personal income tax rate to 6.2%.<\/p>\n<p><strong><a href=\"https:\/\/www.washingtonexaminer.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER<\/a><\/strong><\/p>\n<p>Adding a wrinkle to this year\u2019s budget discussions is a $1.8 billion balance officials found in a state account. The discovery comes after South Carolina Comptroller General Brian Gaines sent a letter on Oct. 31, 2023, to South Carolina Treasurer Curtis Loftis, directing Loftis to research the account\u2019s origins.<\/p>\n<p>It marked the start of a months-long Senate investigation that exposed financial irregularities in the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/they-were-accused-of-rape-and-had-their-names-printed-in-the-school-paper-the-school-just-paid-them-450000\/\" title=\"They Were Accused Of Rape And Had Their Names Printed In The School Paper. The School Just Paid Them 0,000.\">state treasurer\u2019<\/a>s office.<\/p>\n<\/p><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>South Carolina senators to review a 2024-25 budget with $100 million earmarked for personal income tax cuts. The Senate Finance Committee approved their version of the budget, H.5100, and a Capital Reserve Fund<\/p>\n","protected":false},"author":1,"featured_media":2226394,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/wex-s3.s3.us-east-1.amazonaws.com\/wp-content\/uploads\/2024\/04\/AP21159407062385-1024x591.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2226393","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/wex-s3.s3.us-east-1.amazonaws.com\/wp-content\/uploads\/2024\/04\/AP21159407062385-1024x591.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2226393","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2226393"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2226393\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2226394"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2226393"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2226393"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2226393"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}