A bill

 

TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 2-47-52, RELATING TO PERMANENT IMPROVEMENT PROJECTS, SO AS TO INDEX PROJECT LIMITS FOR CERTAIN ENTITIES.

 

Be it enacted by the General Assembly of the State of South Carolina:

 

SECTION 1.  Section 2-47-52 of the S.C. Code is amended by adding:

 

    (F) Notwithstanding the cost maximums set forth in subsection (B) and (C) for research universities and other public institutions of higher learning, beginning in Fiscal Year 2025-2026, and each fiscal year thereafter, the amounts must be increased each fiscal year in a percentage amount equal to the increase in the construction only component of the Producer Price Index in the preceding fiscal year, but not less than zero, using the most recently available data, as determined by the Revenue and Fiscal Affairs Office.  The Director of the Revenue and Fiscal Affairs Office shall submit the adjustment for the upcoming fiscal year to the State Register for publication pursuant to Section 1-23-40(2) by February first of each year.

 

SECTION 2.  This act takes effect upon approval by the Governor.

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