SC Senate approves new state budget
There are big differences in the House and Senate versions of next year’s state budget. $1.3 Billion worth of differences. The drastic differences are setting up a rocky road for final passage of the new budget which goes into effect July 1.
The Senate on Thursday approved the $12.6 Billion bill which includes a $1 Billion income tax reduction, and a $1Billion dollars to be rebated to everyone in the state that filed a tax return this year in amounts of $100 to $700.
The House version of the spending plan funds a smaller amount for the income tax reduction, and no rebate at all. House budget writers chose to take advantage of the higher than expected tax revenues and fund things like highways, and salary increases for teachers, law enforcement and state employees.