SC Senate Finance Committee Advances FY2026-27 Budget

/in , , /by

All eyes were on the Senate Finance Committee last week as they worked to advance their version of the state’s roughly $15.3 billion FY2026-27 budget.

Highlights of the Senate budget include:

  • $309 million to cut the state income tax from 6% to 5.21%. Governor McMaster signed the Income Tax Reform bill (H.4216/Act 110) into law last week.
  • $248 million to fund the Senate-passed Homestead Exemption increase (S.768).
  • $190 million to the Department of Transportation (DOT) for bridge repairs, with $50 million in recurring funds.
  • $150 million to increase teacher pay and raise the minimum starting salary to $50,500.
  • $95 million intechnical college scholarships for critical-needs jobs via SCWINS.
  • $12.5million to DOT for a road buyback program to transfer state roads to county control.
  • $6 million for statewide water and sewer projects.
  • $1.5 million to the Department of Environmental Services (DES) to develop an artificial intelligence (AI) pilot program to make environmental permitting more efficient.
  • A new proviso establishing a Transportation Economic Development Fund that can be used for road improvement, construction, or right-of-way acquisition to recruit or retain high impact economic development projects or expansions.

To read the full story, click here.