Tag Archives: surplus

ILN Today Post

North Carolina: Lawmakers begin budget negotiations with a $552 million surplus

For tax years beginning on or after January 1, 2017, the Tar Heel state’s corporate and personal rates are set to drop, from 4 to 3 percent, and 5.75 percent to 5.49 percent, respectively. These reductions, contingent on hitting certain revenue growth targets, were part of the tax reform package passed in 2013, the Tax Simplification and Reduction Act.
The state’s current fiscal situation is strong. There is a $552.5 million surplus, and consensus projections from the Fiscal Research and the Office of State Budget and Management that anticipate stable, modest growth during the next biennium.
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