The last time the stock market plunged as drastically as it did last year was 2008. Afterward in 2009, federal income tax collections from non-withheld (non-wage) income, mostly investment income from.
Gov. Roy Cooper announced his 2022 state budget recommendations and a new consensus revenue forecast was released this week. Governor’s 2022 Budget Recommendations This week, Gov..
The consensus revenue forecast released yesterday provides further evidence that North Carolina leaders Governor and General Assembly alike can make the transformational and necessary investments to deliver a just recovery.
In the latest forecast, the Office of State Budget & Management and the Fiscal Research Division concluded in their analysis that federal stimulus and resurging economic activity have resulted in a rosier revenue outlook than previously projected.
The February 2021 Consensus Revenue Forecast estimates that total revenue collections for fiscal year 2020-21, “will exceed the May 2020 revised consensus forecast by $4.1B (17.6%).”
North Carolina’s state revenue rebound can largely be attributed to a boost in individual income collections (bolstered by federal unemployment insurance benefits and stimulus payments), robust sales tax collections (fueled by requirements to collect sales taxes for online purchases), and soaring corporate profits.