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The Conference Committee on H. 5100, the FY 2024-25 Appropriations Act, reconvened Friday after House and Senate conferees reached an agreement on the state's budget as the end of the current fiscal year draws near. One of the biggest items of interest for counties that remained unresolved before Friday's meeting was the competing House and Senate versions of a plan to distribute approximately $600 million from the Homestead Exemption Fund (HEX Fund). The Conference Committee ultimately decided to distribute the $600 million from the HEX Fund as follows:
- $99.5 million to the General Fund to accelerate the Income Tax Reduction to 6.2%;
- $200 million to the County Transportation Committee Acceleration Fund;
- $100 million in non-recuring dollars to the S.C. Department of Transportation (SCDOT) for the Bridge Acceleration Fund;
- $117.4 million to SCDOT for the Rural Road Safety Program;
- $15 million to the S.C. Rural Infrastructure Authority (RIA) for the Rural Infrastructure Fund;
- $15 million to RIA for the Statewide Water/Sewer Fund; and
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$53 million to the University of South Carolina Health Sciences Campus for bond avoidance.
The House and Senate are anticipated to meet on Wednesday, June 26, to adopt the conference report on H. 5100 and several other bills that remain pending in conference committees.
SCAC will provide a more detailed update on items in the final version of the budget and any other action of interest following next week’s meeting of the General Assembly.
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