US EditionNorth Carolina Revenue Predictions Fall with Recession Risk
- North Carolina officials downgraded state revenue forecasts on Wednesday in Raleigh due to growing economic uncertainty and recession risks.
- The downgrade follows February's forecast, which predicted a small revenue surplus, but lower corporate tax collections and business cost pressures reduced estimates.
- Revised projections indicate that General Fund revenues will surpass last year’s estimates by $364 million, reaching more than $34.5 billion, although this growth is $180 million lower than earlier forecasts had suggested.
- Economist Nick Clerkin stated 'the probability of a recession has increased,' while Governor Stein criticized budget triggers for creating a fiscal cliff with large funding gaps.
- The revenue downgrade complicates budget negotiations between House and Senate, which differ on taxes, teacher pay raises, and vacant positions, requiring resolution before final approval by Governor Stein.
14 Articles
14 Articles
NC analysts lower revenue forecast as budget talks intensify
North Carolina’s budget analysts have scaled back the state’s General Fund revenue projections for the next three years, citing signs of economic slowdown and increasing pressure on the economy from tariffs in federal trade policy. “The downward revision is due primarily to lower-than-expected corporate income taxcollections in April, particularly related to reduced estimated tax payments from businesses, likely due to anticipating higher input …
The Daily Advance
North Carolina revenue predictions fall with recession risk
RALEIGH, N.C. (AP) — North Carolina officials on Wednesday downgraded anticipated state revenue collections compared to their recent forecast, largely over rising economic uncertainty and the risks of a U.S. recession.
NC Analysts Lower Revenue Forecast As Budget Talks Intensify
By Carolina Journal Staff North Carolina’s budget analysts have scaled back the state’s General Fund revenue projections for the next three years, citing signs of economic slowdown and increasing pressure on the economy from tariffs in federal trade policy. “The downward revision is due primarily to lower-than-expected corporate income tax collections in April, particularly related […]
Sales tax assumptions vary among county, local municipalities
Another variable: how much will property tax base change? For many years, North Carolina’s sales and use tax had been something of a financial bungee cord for local governments in Alamance County. It almost went without saying that, no matter how badly they botched their other revenue projections, city and county officials could count on the better-than-expected sales tax receipts to pull them back from fiscal disaster. Lately, however, some loc…
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