COLOMBIA, SC (AP) – South Carolina economists have decided not to make changes to their 3-month revenue estimates, because COVID-19 is still causing a lot of uncertainty in the economy.
The state’s Department of Revenue and Tax Affairs said on Friday that South Carolina revenues have grown nearly 5% since the beginning of the fiscal year in July.
The authorities predicted a decline of 3.5%.
This seems to be good news.
But economists do not know how much of the extra personal expenses and tax revenue was driven by federal stimulus money. South Carolina is yet to raise an extra $ 36 million in taxes and fees in this year’s budget and an additional $ 182 million in next year’s budget.
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