Unexpected costs, and tax credits, in South Carolina's new roads funding bill
Conway, S.C. (WPDE) —
After years, the controversial roads bill was signed into law, meaning the gas tax will go up in South Carolina.
The law is expected to eventually bring in $600 million a year to fix the roads and bridges in the state.
The Myrtle Beach Area Chamber CEO Brad Dean said he's happy to see this bill finally pass.
"We've been working on this for several years and I think it finally reached the point where people realized not taking care of what you own is irresponsible and negligent and for too long we haven't been maintaining the roads and bridges that we own as a state," he said.
Starting in July, the gas tax will increase 2 cents a year for the next 6 years. It will cap at a 12 cents gas tax increase.
"The compromise includes a heavy investment in roads and bridges, but it also includes reform of DOT and tax credits. And the tax credits will help the middle class tax payer and the small businesses who don't want to foot the bill of an increased fuel tax," Dean said.
The sales tax on cars in South Carolina will cap at $500, instead of the current $300 cap.
People will hybrid cars or cars with alternative fuel will be charged an extra fee.
But, save your receipts! South Carolinians could get a tax credit for gas and car maintenance.
Senator Luke Rankin said he believes this law is a great compromise.
"Funding is the biggest piece here. Again, spread across all users such as every one is paying their fair share," he said.
There are also earned income and college tuition credits part of the passed legislation.
To read the full text of the bill, click here.