The South Carolina Board of Economics has released their latest tax revenue and budget projections for the current fiscal year, showing that the state’s economy is performing slightly above pre-pandemic levels. The Board noted that recent economic and revenue performance in the first half of the fiscal year was slightly better than anticipated, with tax revenues for January surpassing projections by $100 million. The BEA expects growth to continue, albeit at a slower rate due to uncertainties surrounding the tax filing season.
The House Ways and Means committee will now review this information and work on adopting a budget to be sent to the floor for consideration, with the process expected to take place in March. Overall, the report reflects positive economic trends in South Carolina, with ongoing growth and stability despite lingering uncertainties.
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