The bill H. 3383 proposes an amendment to Section 2-47-52 of the South Carolina Code of Laws, which pertains to permanent improvement projects. The amendment introduces a new provision that allows for the indexing of project cost limits for research universities and other public institutions of higher learning. Specifically, starting in Fiscal Year 2026-2027 and for each subsequent fiscal year, the cost limits will be adjusted annually based on the increase in the construction-only component of the Producer Price Index from the previous fiscal year, ensuring that the increase is not less than zero.

Additionally, the bill mandates that the Director of the Revenue and Fiscal Affairs Office is responsible for submitting the adjusted cost limits for publication in the State Register by February 1st of each year. This legislative change aims to ensure that funding for permanent improvement projects at these institutions keeps pace with inflation and construction costs, thereby enhancing their ability to undertake necessary improvements. The act will take effect upon the Governor's approval.

Statutes affected:
12/05/2024: 2-47-52
12/09/2024: 2-47-52
Latest Version: 2-47-52
12/06/2024: 2-47-52