Governor McMaster announces state budget for 2024-2025

COLUMBIA, S.C. (WCBD) – Governor Henry McMaster announced Friday the state’s Executive Budget for the fiscal year 2024-2025.

The Governor’s Office said the budget is focused on continuing economic success in South Carolina by providing tax relief and making targeted investments in education, economic development, and public safety.

“South Carolina’s booming economy has once again created a record budget surplus, this year totaling over $1.64 billion in unexpected revenue,” Governor McMaster wrote in a letter to the General Assembly. 

“By thinking big, by being bold, and by making transformative investments, I believe we will set our state on a course that will provide the opportunity for prosperity, success, and happiness for generations of South Carolinians. Let us continue working together. I believe in South Carolina, I believe in America, and I believe the best is yet to come,” said Governor McMaster.

Some high points of the budget are below:

• $15 million for SC Nexus
• $50 million for EV Training Institutes
• $54.3 million for the Rainy Day Fund
• $99 million for Income Tax Cut
• $500 million for Bridges
• $33 million for Preservation and Conservation
• $250 million for State Aid to Classrooms, $115 million for Instructional Materials
• $21.1 million for Full-Day 4K
• $30 million for Education Scholarship Accounts
• $95 million for Workforce Industry Needs Scholarships (SC WINS)
• $49.8 million for Tuition Freeze
• $3 million for the Future of Higher Education Study
• $100 million Need-Based Financial Aid
• $100 million CHE Lottery Surplus
• $17.8 million Law Enforcement Pay Raise
• $39.5 million for a $2,000 Income Tax Credit for First Responders
• $13.4 million for School Resource Officers
• $10 million for Homelessness Pilot Project
• $81.3 million for Veterans Nursing Homes

If you want to read a detailed explanation of the budget allocations and the Governor’s letter to the General Assembly, click here.