Community Investment Fund
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill creates the South Carolina Community Investment Fund, designed to provide financial support for community projects. The fund will be financed through state appropriations, prioritizing existing state funding obligations like property tax relief and education. It establishes a per-district allocation formula, with members of the House and Senate able to jointly certify investments for eligible entities. The fund’s administration will be overseen by the Executive Budget Office, and disbursements are subject to transparency and accountability requirements, including public record-keeping and audits.
Key provisions
- Creates the South Carolina Community Investment Fund.
- Establishes a per-district allocation formula for distributing funds to House and Senate districts.
- Requires appropriations to be prioritized based on existing state funding obligations.
- Allows members of the House and Senate to jointly certify community investments.
- Specifies transparency and accountability requirements, including public record-keeping and audits.
- Defines eligible entities and types of community investments.
- Outlines the role of the Executive Budget Office in administering the fund.
- Sets a maximum annual appropriation for the fund.
Who is affected
- Local governments (political subdivisions)
- State legislators (House and Senate)
- Eligible entities undertaking community investments
- Taxpayers in South Carolina
Bill text
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Sponsors
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1 on record
Primary sponsor
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