S.C. Tax Revenues Exceed FY24-25 Projections

South Carolina’s state revenues exceeded projected totals for FY2024-25 by approximately $726 million according to an unaudited report released on Monday by the Office of the Comptroller General. Lawmakers will be able to appropriate the additional funds during the FY2026-27 budget writing process.

Most of the surplus revenues were due to higher than anticipated collections of individual income, sales, and corporate taxes. This is a result of the continued record economic and population growth that South Carolina is experiencing, and that the state’s economy continues to outperform most other parts of the United States.

Individual income tax revenues were approximately $819 million higher than anticipated, sales tax revenues were approximately $186 million higher than anticipated, and corporate income tax revenues were approximately $413 million higher than anticipated.

Reducing tax burdens on businesses and individuals will remain a top priority for the business community in the 2026 legislative session.