SC Legislative Update

By Ben Homeyer

The board of economic advisors met and Strong collections continued into June with 9.9 percent General Fund revenue growth for the month, bringing total fiscal year-to-date growth to 23.1 percent. Year-to-date collections are currently $717.0 million ahead of the revised May 2022 estimate which was roughly $1 billion. Approximately 90 percent of this excess is from higher-than-expected Sales tax, Individual Income Non-Withholdings collections, and Corporate Income tax and lower-than-expected Refunds.

On august 11th, Caroline Sutton Henry Martin and myself will be meeting with the SCDOT to discuss the ACI field level training. Updates to follow.