All tagged tax relief
RALEIGH, N.C. — On Friday, Senators Benton Sawrey (R – Johnston), Michael Lazzara (R – Onslow), and Todd Johnson (R – Union, Cabarrus) proudly introduced Senate Bill 128: Heroes’ Homestead Act, a vital step in expanding property tax relief for North Carolina’s disabled veterans.
State Senate leaders will propose spending $3 billion over the next two years on capital and infrastructure projects. That money is part of a larger 10-year, $12 billion “cash” plan tied to the Senate’s budget.
North Carolina has collected more than $6 billion in state taxes than was originally forecast in May 2020 by state economists. That’s the finding of a report presented to members of the Joint Full Chairs Appropriations Finance Committee by the nonpartisan Fiscal Research Division at the General Assembly and the Office of State Budget and Management.
With one month to go before the end of the fiscal year, at the General Assembly lawmakers are hammering out how to budget more than $25 billion in the next state spending plan. Republican leaders in the House and Senate have already agreed to spend significantly less than budget priorities submitted by Gov. Roy Cooper in March.
Today, the NC House voted 112-1 to pass House Bill 334 – Temporarily Align PPP Treatment to Federal Treatment, which will provide tax relief for small businesses and individuals impacted by the COVID-19 pandemic.
Addressing the N.C. Chamber of Commerce Government Affairs Summit, State Senate leader Phil Berger, R-Rockingham, said the more than $4.5 billion surplus tax revenue North Carolina has in its coffers is both a “blessing and a curse.”
North Carolina state government is headed into the 2021-22 fiscal year with nearly $5 billion in unanticipated revenue and unencumbered savings. Even after making critical deposits into the state’s rainy-day fund, reserve for repairing and renovating state buildings, and other accounts, there’ll be enough money left on the table to start a fight.
