Tax collections give state government a boost - WNCT

Tax collections give state government a boost

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RALEIGH, N.C. -

North Carolina's tax coffers received a bump from April 15 collections - an uptick that's still caused analysts to lower revenue projections for the next two years.

The General Assembly's top staff economist told legislative leaders in an email Friday that he and Gov. Pat McCrory's budget office now expect a $406 million surplus at the fiscal year's end June 30. The Associated Press obtained a copy of the email.

The surplus was $110 million through March. Economist Barry Boardman told lawmakers the growth was higher than anticipated because more taxpayers decided to report income in 2012 for fear of higher federal taxes in 2013. Boardman says that change means less revenue in 2014 and 2015.

The information is important as legislators create the next state government budget.

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