- Associated Press - Friday, May 6, 2016

RALEIGH, N.C. (AP) - Better than expected April corporate tax payments have allowed state economists to slightly raise North Carolina state revenue projections.

The new projections give legislators more wiggle room to carry out the budget and consider items like higher employee compensation.

The state budget office and the General Assembly’s fiscal research agency say revenues should budget expectations by $330 million, which is $93 million above a previous estimate.

The upgrade means lawmakers have $232 million more as they adjust the $22 billion spending plan for the new year starting July 1.

Tax collections are closely watched around the traditional April 15 filing deadlines. A report sent Friday to legislators says individual income tax collections were very close to expectations while sales tax collections continue to be weaker than projected.

LOAD COMMENTS ()

 

Click to Read More

Click to Hide