COLUMBIA (AP) -- A mistake in setting up a state tax agency account has turned into $120 million in budget cuts that threatens jobs in South Carolina.
The news on Wednesday came as the state Senate Finance Committee planned to start work on its plans for a $5 billion spending plan that already carves deeply into school, college and health care spending.
The Board of Economic Advisors reported that an account had not been set up for the state Department of Revenue to deposit tax collections from cracking down on scofflaw businesses. Because that didn't happen, the forecasting board inaccurately calculated state revenue projections.
Board chairman John Rainey said the mistake will cost state jobs. And Senate Finance Chairman Hugh Leatherman said it was unbelievable.
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