Two of the Tar Heel State’s school choice programs have saved taxpayers between $74.1 million and $154.3 million through fiscal 2018, according to an updated analysis from the school choice advocacy organization EdChoice.
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N.C.’s Apple deal named worst of 2021
The $846 million subsidy deal that North Carolina struck with Apple just topped the “year’s worst” list of a nonpartisan economic think tank. The Center for Economic Accountability selected the 39-year agreement to put Apple’s campus in Research Triangle Park as the “Worst Economic Development Deal of the Year,” saying that its annual $21 million cost to the state led the list of reasons.
State tax collections spike, opening door for tax-relief measure
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.
New revenue forecast projects additional $6.5 billion surplus by 2023
Economists in the Office of State Budget and Management and the General Assembly’s Fiscal Research Division released an updated consensus revenue forecast today anticipating an additional $6.5 billion in state revenues through the next biennium.
Senate passes sweeping tax cut package with 8 Democrats on board
The North Carolina Senate passed a Republican-led tax reform package Wednesday evening in a quick, 36-14 vote that drew eight Democrats to cross the aisle and vote in favor of the bill. House Bill 334 would raise the standard deduction from $21,500 to $25,500 for joint filers, which would take about a quarter of a million of the lowest-income North Carolinians entirely off the tax rolls. It also reduces North Carolina’s flat income tax rate for remaining taxpayers from 5.25% to 4.99%.
Attorney General Josh Stein announces $300,000 "Operation You’ve Got Nerve" settlement
Attorney General Josh Stein today announced that he reached a $300,000 settlement to resolve allegations that Dr. Benjamin C. Udoh and Hanora Medical Center of Fayetteville, North Carolina, submitted false claims to Medicaid and Medicare.
Taxpayer Bill of Rights amendment filed in N.C. Senate
A bill filed in the North Carolina Senate on the traditional April 15 tax deadline day would make tax and spending limits a part of the North Carolina Constitution, if voters approve it in 2022.