North Carolina's tax collections continue to outpace projections after generating a record surplus last year.
According to legislative fiscal analysts, enduring growth in
corporate tax receipts helped North Carolina collect 85 (m) million
to 90 (m) million dollars more than expected though the fiscal
quarter that ended September 30th.
That's two percent more than the General Assembly projected in
July when it approved an 18-point-9 (b) billion dollar budget for
the year. It's also slightly higher than first quarter surpluses
from the past two years.
But today, critics warned that the state may still have a
revenue shortfall for the coming budget year. Any shortfall may
force legislators to reconsider the phase-out of a half-cent sales
tax and higher income tax rates for the top wage earners.