House budget briefing outlines $15 billion general revenue and $1 billion in tax relief
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Summary
Chairman Bannister presented the House Ways and Means 2026–27 budget framework, citing a $15 billion general revenue estimate, roughly $733 million in new recurring dollars, strengthened reserves and a combined $1 billion in tax relief while subcommittees detailed education, health, transportation and economic investments.
Chairman Bannister opened the 2026–27 House budget briefing and said the goal of the session was “to give everybody a chance to sort of see a high level view of the budget” and prepare amendments before the Monday 1:00 p.m. session.
The chair presented the committee's top priorities as “Number 1 is tax relief,” fiscal infrastructure and what he called “human infrastructure” — pay and talent for state employees. He said the committee’s general revenue estimate for the coming year is $15,000,000,000 and that the budget commits to current services of about $13,250,000,000.
Bannister described the budget’s fiscal posture as cautious: the plan relies on roughly $733,000,000 in newly recurring dollars while preserving sizable one‑time reserves. He cited a $600,000,000 surplus from the prior year, a capital reserve fund of $387,000,000 and a contingency reserve fund of $725,000,000. He also noted a recurring reserve contribution of $179,000,000.
On tax policy, the chair characterized the package as continuing the legislature’s multi‑year approach to cuts. He described a combined tax relief total of about $1,000,000,000 — “the $800,000,000 we are already doing plus a new $250,000,000,” he said — and reiterated a commitment not to “go backwards” on prior tax reductions.
The briefing also highlighted major nonrecurring investments, including a $450,000,000 allocation to roads and a $175,000,000 capital commitment toward a proposed MUSC cancer hospital. Bannister described the budget’s total resources across sources as roughly $44,000,000,000, with recurring funds near $13,000,000,000 and federal and other funds making up the rest.
The chair closed by reminding members that analysts and Ways and Means staff will be available throughout the weekend to prepare amendments and that the House will convene at 1:00 p.m. on Monday to begin amendment consideration.
