© 2020 WFAE
90.7 Charlotte 93.7 Southern Pines 90.3 Hickory 106.1 Laurinburg
Play Live Radio
Next Up:
0:00
0:00
Available On Air Stations
Local News

NC Collections May Surge $700M Above Projections

North Carolina tax collections are on track for the state to post its highest surplus since the Great Recession.

The legislature's chief economist told lawmakers on Monday the state may collect over $700 million above what budget-writers projected when they approved the current-year spending plan last summer. That's equal to roughly a 3 percent increase.

Economist Barry Boardman attributed much of the surge in over-collections to final individual income tax payments made in April, particularly from transactions like capital gains and dividends. These April payments were 46 percent above what was collected last year. Corporate income tax payments in April also were 42 percent higher than last year.

The extra cash gives Republican legislators more options in fashioning a final two-year budget this summer through spending, saving or further tax breaks.

Copyright 2019 WFAE

We Need Your Help Now More Than Ever

WFAE mask

Our newsroom is hard at work covering everything from the ongoing coronavirus pandemic to the aftermath of the election, the race for a vaccine and our communities' fight to rebuild. But we can't do it without you. Support our local journalism with a donation of ANY amount, and we’ll send you a free WFAE member mask courtesy of AllDayMask.com of Monroe.