Bill > H3383

This bill amends the South Carolina Code of Laws to modify how permanent improvement project limits are indexed for research universities and other public higher education institutions. Specifically, starting in Fiscal Year 2025-2026, the bill requires that project cost maximums be automatically adjusted each year based on the construction-only component of the Producer Price Index (PPI), which measures changes in the prices received by domestic producers for their output. The annual adjustment will be calculated using the most recent available data from the Revenue and Fiscal Affairs Office, with increases limited to non-negative percentages. The Director of the Revenue and Fiscal Affairs Office is mandated to submit the calculated adjustment to the State Register for publication by February 1st each year. This provision ensures that project funding limits keep pace with construction cost inflation, providing flexibility for universities to maintain and develop infrastructure. The bill will take effect upon receiving gubernatorial approval.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=3383&session=126&summary=B