RALEIGH, N.C. (AP) — North Carolina tax collections keep outpacing expectations.
The top economist on the General Assembly’s nonpartisan staff says state revenues for the first half of the fiscal year through December are $189 million ahead of projections lawmakers used when assembling the current budget. That’s 1.7 percent ahead.
Barry Boardman writes that sales, personal income and corporate taxes all were ahead of schedule. He says sales taxes benefited from a U.S. Supreme Court decision giving states more authority to make retailers collect them.
Boardman cautions the second half of the year is more volatile but says the solid economy means there’s minimal risk for the state in meeting revenue projections.
North Carolina has registered revenue surpluses the past four years. Any surplus will aid budget-writers assembling the next two-year spending plan.
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