Legislators propose removal of outdated income tax credit from 2017 roads bill
March 12, 2025 | Finance, Standing, Senate, Committees, Legislative, South Carolina
This article was created by AI summarizing key points discussed. AI makes mistakes, so for full details and context, please refer to the video of the full meeting. Please report any errors so we can fix them. Report an error »
The Senate Finance Committee's Transportation and Regulatory Subcommittee held a budget hearing on March 12, 2025, focusing on key financial matters related to transportation funding in South Carolina. A significant topic of discussion was the status of a previously established income tax credit linked to road maintenance.
Committee members addressed the 2017 roads bill, which included a provision for a prevented maintenance income tax credit. This credit allowed taxpayers to save their gas tax receipts to receive an income tax benefit. However, it was noted that these income tax credits had sunsetted two years ago, rendering them no longer applicable.
The committee proposed a cleanup measure to formally delete the outdated language regarding these credits from the budget. This action aims to streamline the budget and eliminate references to credits that are no longer relevant, ensuring clarity in future financial planning.
The discussion highlighted the importance of maintaining an up-to-date budget that reflects current policies and financial realities. As the committee moves forward, the proposed deletion is expected to simplify the budget process and focus resources on more relevant transportation funding initiatives.
Committee members addressed the 2017 roads bill, which included a provision for a prevented maintenance income tax credit. This credit allowed taxpayers to save their gas tax receipts to receive an income tax benefit. However, it was noted that these income tax credits had sunsetted two years ago, rendering them no longer applicable.
The committee proposed a cleanup measure to formally delete the outdated language regarding these credits from the budget. This action aims to streamline the budget and eliminate references to credits that are no longer relevant, ensuring clarity in future financial planning.
The discussion highlighted the importance of maintaining an up-to-date budget that reflects current policies and financial realities. As the committee moves forward, the proposed deletion is expected to simplify the budget process and focus resources on more relevant transportation funding initiatives.
View full meeting
This article is based on a recent meeting—watch the full video and explore the complete transcript for deeper insights into the discussion.
View full meeting