North Carolina in better financial shape than anticipated – North Carolina Lawyers Weekly nclawyersweekly.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nclawyersweekly.com Daily Mail and Mail on Sunday newspapers.
North Carolina Legislators continued to consider bills related to COVID and introduced a number of new bills this week. 2020 COVID Relief Bill Modifications (S 36) - .
North Carolina is in a stronger financial position than budget analysts anticipated last year at the start of the pandemic, according to a report from a
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.