Gov. Nikki Haley signed a bill this week that will allow the state to borrow $500 million and reallocate some tax revenues for infrastructure needs that business groups have continually pressed the Legislature to fund.
The borrowed money would go toward interstate and primary roads, and would be leveraged from $50 million in general funds that will be moved to the State Infrastructure Bank. The bill allotted another $50 million for bridge repair.
Also, half of the revenue from motor vehicle taxes will now go to infrastructure needs on secondary roads each year, adding about $41 million.
The bill was signed Monday during a ceremony at the South Carolina Chamber of Commerce. Those who stepped up to the microphone to voice their support of the measure included Louis Gossett, president of the SC Manufacturer’s Alliance, who called the money a “down payment” on work that still needed to be done.
“We see this money as essential to making sure that we can continue to increase capacity on [state] roads so that the work that the governor and Secretary Hitt are doing with regard to economic development and recruiting can continue,” Gossett said.
The governor noted that existing sales tax money will move to infrastructure. “It would have been very easy to increase fees and taxes, but if you’re watching out for the people who are getting these jobs … we really watched for the taxpayers in doing this,” she said.
The governor also emphasized that the state should continue to follow the rule set by Bill 114, which designates funding for infrastructure projects according to priority.
Haley said that though it was not the “perfect” bill the state needed, it was “just what we wanted” because it addressed the issue without raising taxes. She pushed back against her personal perception that media in the room were focused on the fact that the bill came well short of remedying significant needs.
“What you saw today was a commitment to infrastructure,” she said. “Let’s celebrate that. Why can’t we just be happy?”
Others who spoke in support of the bill at the ceremony included S.C. Transportation Secretary Robert St. Onge and S.C. Chamber President Otis Rawl.
