Last week the non-partisan Fiscal Research Division of the North Carolina General Assembly forecast yet another $1 billion+ surplus in anticipated tax revenues for the 2024–2025 fiscal year. That’s on top of the $400+ million in surplus collections for the 2023-2024 fiscal year. The news, the latest in a decade-long run of tax revenue surpluses,...
Before the short session began in the General Assembly Wednesday, Democrat Gov. Roy Cooper laid out his recommended budget proposal for the last time as governor.
House convened for short session, will vote next week on budget corrections.
NCInnovation (NCI), a private nonprofit organization which aims to use taxpayer money to select particular research projects emanating from North Carolina’s public universities for help in commercialization, announced Tuesday the organization surpassed $25 million in private fundraising commitments. In a press release, NCI executives noted pledges from SAS, Pinnacle Financial Partners, and the Huntington Foundation....
Currituck County and its Tourism Development Authority want North Carolina’s highest court to consider a dispute involving local occupancy taxes. The state Court of Appeals ruled against the county in March.
Rep. Tricia Cotham, R-Mecklenburg, has been appointed as chair of the North Carolina House Education Appropriations Committee for the short session, gaveling in later this week. Tasked with setting appropriations for education, the Committee oversees the largest portion of the state budget. She will replace former committee chair Rep. Jon Hardister, R-Guilford, who resigned from...
Gov. Cooper & Sec. Granholm create new jobs in partnership with Siemens Energy under tax credit program.
The North Carolina General Assembly's Fiscal Research Division projects that while inflation and interest rates are still up, the state will have $400 million over in collections in the current fiscal year and $1 billion additional revenue coming into the state coffers in FY 2024-25.
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The North Carolina Supreme Court will decide in the months ahead whether a business qualified for a tax exemption from 2012 to 2014 for machinery it purchased to make asphalt. The business and the state Department of Revenue are locked in a dispute over the issue. The parties spent nearly an hour Tuesday morning haggling over the exemption during oral arguments before the high court.
A plaintiff in a Map Act dispute with the North Carolina Department of Transportation disputes the department’s claims about a recent state Court of Appeals decision. DOT argued that the decision could produce “calamitous” results for taxpayers.
