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. This adjustment will be determined by the Revenue and Fiscal Affairs Office, which is also responsible for publishing the updated limits in the State Register by February 1st of each year.

The bill aims to ensure that the funding limits for permanent improvement projects at these institutions keep pace with inflation and construction costs, thereby providing them with the necessary financial flexibility to undertake essential projects. The act will take effect upon approval by the Governor.

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