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South Carolina: Governor presents new budget, emphasizes income tax cut plan

Earlier this month, Gov. Henry McMaster unveiled his 2018-19 executive budget. In his announcement, he touted the plan as “a balanced budget that prioritizes taxpayer savings in the form of an income tax cut that, in its first five years of implementation, will result in $2.2 billion of taxpayer savings. All while investing in important areas of need such as public safety, workforce readiness, K-12 education, and access to healthcare.”

Recurring items in the general fund of about $8 billion are these:

  • $ 270.5 million: Revenue growth for fiscal year 2018-19 less General Revenue Fund (GRF), Capital Reserve Fund (CRF) & Tax Relief Trust Fund
  • $ 117.4 million: Excess debt service

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