Safety in Numbers: NC Tax Collections Again Soar Above Expectations

Safety in Numbers: NC Tax Collections Again Soar Above Expectations

Independent Tribune/AP

February 11, 2022

With unemployment low, retail sales brisk and property values high, North Carolina’s fiscal picture is bright. Individual income tax revenues were $766 million above projected figures through January, while sales tax collections have come in $330 million above expectations, according to the Office of State Budget and Management. Corporate income and franchise tax collections were 23% higher than expected, while alcoholic beverage taxes were up 20% and real estate taxes up 52%. “Our decisive actions and resilient communities have helped us manage the pandemic and power a booming economy across North Carolina,” said Governor Roy Cooper. “We need to make more investments in our workforce, education and health care that will strengthen our communities and economy for all North Carolinians.”

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