The expenses of the Transportation Department of the Public Service Commission, with the exception of the expenses incurred in its railway jurisdiction, must be borne by the revenues from license fees derived pursuant to Sections 58-23-530 through 58-23-630 and assessments to the carriers of household goods and hazardous waste for disposal carriers. The expenses of the railway section of the Public Service Commission must be borne by the railroad companies subject to the Public Service Commission's jurisdiction according to their gross income from operations in this State.

Except as specifically provided above, in Sections 58-5-940 and 58-27-50, all other expenses of the Public Service Commission must be borne by the public utilities subject to the commission's jurisdiction. On or before the first day of July in each year, the Department of Revenue must assess each public utility, railway company, household goods carrier, and hazardous waste for disposal carrier its proportion of the expenses in proportion to its gross income from operation in this State in the year ending on the thirtieth day of June preceding that on which the assessment is made which is due and payable on or before July fifteenth. The assessments must be charged against the companies by the Department of Revenue and collected by the department in the manner provided by law for the collection of taxes from the companies including the enforcement and collection provisions of Article 1, Chapter 54 of Title 12 and paid, less the department actual incremental increase in the cost of administration into the state treasury as other taxes collected by the department.

The commission must certify to the South Carolina Department of Revenue annually, but no later than May first, the amounts to be assessed.

The commission shall operate as an other-funded agency.