NC tax revenue soars, $6.5B windfall predicted by mid-2023

RALEIGH, NC (AP) — North Carolina economists report government coffers could collect several billion dollars more by the middle of 2023 than what that anticipated just four months ago.

A forecast released Tuesday by Gov. Roy Cooper’s budget office and the legislature’s fiscal research agency says revenue collections for the year ending June 30 will be $1.9 billion more than previously predicted.

They also increased projected revenues for the next two years by well over $2 billion annually.

The economists attribute the extraordinary windfall to a resurgent post-pandemic economy. It means more fiscal decisions for Republican lawmakers and Cooper about how to spend, save or cut taxes.

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