NC Tax Revenue Soars, $6.5B Windfall Predicted By Mid-2023

North Carolina economists report government coffers could collect several billion dollars more by the middle of 2023 than what that anticipated just four months ago. A forecast released Tuesday by Gov. Roy Cooper's budget office and the legislature’s fiscal research agency says revenue collections for the year ending June 30 will be $1.9 billion more than previously predicted. They also increased projected revenues for the next two years by well over $2 billion annually. The economists attribute the extraordinary windfall to a resurgent post-pandemic economy. It means more fiscal decisions for Republican lawmakers and Cooper about how to spend, save or cut taxes.