North Carolina economists are projecting a modest surplus for the current fiscal year, but the state’s new consensus revenue forecast also points to a sharper budget squeeze ahead as automatic tax cuts continue to reduce future collections.
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Senate Leader Phil Berger: Statement on North Carolina's $3.25 Billion Revenue Surplus
Senate Leader Phil Berger (R-Rockingham) released the following statement about the consensus revenue forecast showing the state has a one-time $3.25 billion surplus:
State tax collections spike, opening door for tax-relief measure
North Carolina has collected more than $6 billion in state taxes than was originally forecast in May 2020 by state economists. That’s the finding of a report presented to members of the Joint Full Chairs Appropriations Finance Committee by the nonpartisan Fiscal Research Division at the General Assembly and the Office of State Budget and Management.