Monday, June 17, 2013
COLUMBIA, S.C. (AP) -- Legislators say a tentative agreement could provide up to $800 million for road and bridge work across South Carolina.
A three-part compromise approved Monday by a panel of House and Senate members would put up to $141 million in state taxes toward infrastructure in the next fiscal year.
The legislation specifies that $50 million would go the State Infrastructure Bank to fund major projects through borrowing, and $41 million from the state sales tax on vehicles would repair secondary roads. It would use up to $50 million in surplus money for bridge repair.
Borrowing and federal highway matches could push the total to more than $798 million.
The Senate's Republican and Democratic leaders agree the infrastructure compromise was critical for reaching an agreement on the overall budget for 2012-13.
(Copyright 2013, The Associated Press)