Tax

NC tax collections $150 million ahead of schedule

AP News
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Posted: Jan 11, 2012 10:07 AM
NC tax collections $150 million ahead of schedule

North Carolina's tax collections are 1.6 percent ahead of projections through the first half of the fiscal year, but executive and legislative branches differ on whether this means an improved second-half revenue outlook.

Gov. Beverly Perdue announced Tuesday the state's general fund took in $150 million above the roughly $9.4 billion expected through Dec. 31 to balance the budget. Collections increased $60 million during December alone thanks in part to corporate and franchise taxes.

Perdue said the numbers show North Carolina's education and business climate is helping with the recovery. Her office said the overall revenue outlook has improved entering the next six months.

The Legislature's economic staff team told lawmakers Tuesday it's still cautious about the rest of the fiscal year and whether a revenue surplus will remain.