North Carolina state officials downgrade mid-2025 revenue surplus by $430M due to lower individual income tax payments, but still expect $1B more by then.

North Carolina state officials revised projected state revenue surplus through mid-2025, downgrading it by $430 million due to lower individual income tax payments. Despite the downgrade, the state still anticipates nearly $1 billion more entering its coffers. The $188 million overage is predicted for this fiscal year, with an additional $799 million expected next year. The economic outlook remains positive, and lawmakers consider budget modifications for spending on state employee and teacher raises, the Opportunity Scholarship Program, tax rebates, and weighing taxpayer gifts against economic needs.

May 10, 2024
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