Revenue Forecast
North Carolina ain’t broke (financially), so now let’s fix it – New revenue data show NCGA has a choice: help people or corporations?
North Carolina has the funds to invest in a just recovery. An updated assessment of state revenues shows collections have come in stronger than previously expected over the past year and continued growth should provide some of the resources needed to dig out of the COVID-19 hole. First the numbers. North Carolina is on track […]
First look at NC’s potential revenue losses from pandemic points to an obvious policy course
The consensus revenue forecast released by the General Assembly today provides further evidence of both the enormous economic harm COVID-19 is inflicting on the state and some important long-term certainties about our economy. More than ever, it’s clear that how people are faring and what policy decisions are made to support their well-being will make […]
Despite revenue shortfalls, state policymakers pursue more corporate tax cuts
State policymakers return to Raleigh tomorrow challenged with addressing a budget gap of $335 million for the current fiscal year as a result of a huge forecasted revenue shortfall for the current fiscal year and a Medicaid shortfall. Next year, state policymakers face a budget gap of around $228 million, which could reach as high […]
North Carolina’s revenue forecast confirms the importance of the income tax
The revised revenue forecast released today demonstrates how important the income tax is to our state’s ability to make investments that boost our economy. As legislators begin building the next state budget, they should protect the income tax, not scale it back or eliminate it as some have proposed. The revenue forecast indicates that tax […]
North Carolina’s revenue forecast signals meager growth and murky economic outlook
Earlier this month, North Carolina legislators began the months-long process of developing the two-year state budget that covers July 1, 2013 through June 30, 2015. To kick-off this endeavor, non-partisan staffers have been providing members with an overview of current fiscal conditions as well as past legislative budget actions. Perhaps the most important presentation to […]