AP: South Carolina revenues up, but no one knows if it will last
COLUMBIA, S.C. (AP) – South Carolina economists have decided to make no changes to 3-month-old revenue estimates because COVID-19 is still causing so much uncertainty in the economy.
The state Revenue and Fiscal Affairs Office said Friday that revenues in South Carolina have grown nearly 5% since the fiscal year started in July.
Officials had predicted a 3.5% decline. That appears to be good news. But economists don’t know how much of the extra personal spending and tax revenue was boosted by federal stimulus money.
South Carolina is still predicted to collect $36 million extra in taxes and fees in this year’s budget and $182 million extra in next year’s budget.