South Carolina state revenues for the fiscal year 2024-25 surpassed expectations by about $726 million, according to an unaudited report released by the Office of the Comptroller General on Monday. The surplus gives lawmakers additional funds to allocate during the fiscal year 2026-27 budget process.
The increased revenue is largely attributed to higher-than-expected collections in individual income, sales, and corporate taxes. Officials noted that this reflects South Carolina’s ongoing economic and population growth, with the state’s economy performing better than many other regions in the United States.
Breakdowns from the report show individual income tax revenues exceeded projections by roughly $819 million. Sales tax revenues were about $186 million above estimates, while corporate income tax collections outpaced forecasts by around $413 million.
Reducing tax burdens on both businesses and individuals remains a priority for the business community heading into the 2026 legislative session.
