Wednesday, December 8, 2021

NC Revenues Surge $322M Ahead of Projections

This is a shot of the entrance area to the N.C. Legislative Building.

— North Carolina tax collections continue to outpace budgeted expectations at the fiscal year’s halfway mark, improving the chances for a surplus when the year ends in June.

The General Assembly’s top staff economist wrote legislative leaders Tuesday telling them that taxes, fees and other revenues are $322 million ahead of projections for the six months ending Dec. 31 — or 3 percent over the target.

Nearly all of the increase can be contributed to better-than-anticipated numbers for individual income, sales and business taxes.

Legislative economist Barry Boardman says revenue growth should continue to follow its current trend thanks to a state economy with stable economic growth. Boardman says current collections should help offset any surprises in the second half of the year, including the potentially volatile April tax season.

,North Carolina tax collections continue to outpace budgeted expectations at the fiscal year’s halfway mark, improving the chances for a surplus when the year ends in June

A special thank you to our friends at WRAL for helping out with this post.

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