NC Revenues On Track Thanks To Special Collections

North Carolina's tax revenues remain essentially on track through the first eight months of the fiscal year thanks to a one-time special collection in the fall.

A report by the General Assembly's top staff economist released Monday said tax collections are $45 million lower than projected in this year's budget through February. That's less than 0.5 percent off target. The revenues include $272 million more than expected through resolving corporate tax disputes.

Economist Barry Boardman wrote anemic sales taxes and income tax withholdings will increase pressures on this year's budget as well as the one starting July 1 that will be adjusted by lawmakers when they reconvene in May.

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