The 2014 budget bill (H.4701) included funding for the South Carolina Conservation Bank. In March, we celebrated when the House approved the full amount that estimates projected for the Conservation Bank from the normal Deed Stamp formula (around $10.5 million). The funding vote passed 98-9 in the House and 41-3 in the Senate.
Things changed, however, the House Ways & Means Chair (Rep. Brian White) and the Senate Finance Chair (Sen. Hugh Leatherman) chose not to hold a budget conference committee because there were few differences between the House and Senate budgets and there were more revenues projected by the Board of Economic Advisors. When the final budget was submitted for one “up or down” vote, the Bank’s revenues were capped at 2013′s authorization level of $9.8 million – roughly $2 million less than revenue projections.