Governor McMaster released his Executive Budget, which can be read by clicking here. The following includes provisions in his Budget that relate to economic development.
South Carolina Department of Commerce
• 500 million in non-recurring funds for economic development projects
• $200 million to develop industrial megasites
• $51 million to repay an interagency loan to Palmetto Railways to ensure the
Navy Base; Intermodal Facility project moves forward
• $20 million for local economic development grants
• $3.7 million for the state’s Closing Fund
• $1.5 million for strategic marketing purposes
South Carolina Department of Agriculture
• $75 million to recruit agribusiness to South Carolina
• $2.3 million renovate the Greenville State Farmers Market facilities
• $1 million to market the “Certified SC” brand.
South Carolina Rural Infrastructure Authority (RIA)
• $380 million in ARPA funds for rural water and sewer infrastructure
South Carolina State Ports Authority
• $1 million for the Jasper Ocean Terminal Port Facility
South Carolina Department of Transportation (SCDOT)
• $550 million for bridge infrastructure
• $300 million for I-73
• $2 million for litter control for off-interstate roadways
South Carolina Technical College System
• $78 million lottery funds for Workforce Scholarships for the Future
• $26.9 million lottery funds for high-demand job skill training equipment
• $17 million lottery funds for SC WINS
• $2 million lottery funds for ReadySC to support training needs for companies
Provisos
50.25 Local Economic Development Grants
Creates a grants committee at the Department of Commerce, setting criteria for grant awards, and requiring external evaluation of grantees.
117.113 Retail Facilities Revitalization Act Repeal Suspension
This proviso suspends the repeal of Chapter 34 of Title 6 of the 1976 Code related to property and income tax credits for rehabilitation expenses incurred during renovation of former retail or service facilities. This amendment updates the fiscal year reference.
88.6 Distribution Facility
This proviso directs that the Navy Base Intermodal Facility shall be considered a distribution facility the purpose of sales tax exemptions.