The Senate Finance Committee in South Carolina has passed a $14.4 billion budget proposal for the 2025-26 fiscal year that eliminates all earmarks, or community improvement projects, from the budget. Lawmakers said that the surplus generated from the proposal will be used to cut the state’s income tax rate to 6%, a measure that has been a priority for many at the State House.
Last year’s budget allocated over $430 million in earmarks, with a significant portion going towards tourism, recreation, and sports. The decision to cut all earmarks from the budget was met with support from Senator Larry Grooms and received a rare joint-statement of approval from Senate Finance Committee Chairman Harvey Peeler and House Ways and Means Chairman Bruce Bannister.
Both chairmen emphasized the responsible expenditure of taxpayer dollars as their top priority and highlighted the importance of focusing on tax reform in this budget. The budget proposal is set to be reviewed by the full Senate chamber starting on April 22. This shift in budget priorities reflects a concerted effort by South Carolina lawmakers to prioritize tax reform and responsible spending in the state’s budget planning.
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