Memo: More N Carolina revenues if aligned to federal changes
RALEIGH, N.C. (AP) — Government experts say North Carolina’s tax coffers could see a “modest” revenue increase over time based on the recent federal tax overhaul law.
The state budget office and General Assembly’s fiscal research agency have projected what would happen if North Carolina legislators agreed to formally align state tax laws with new federal rules on deductions, expenses and other changes. The General Assembly often matches state and federal rules to reduce taxpayer confusion.
A memo released this week estimates doing so would create $31 million more in state collections during the year ending June 2019, growing to $95 million annually by mid-2022. Most of the gain would come from increased corporate revenues.
The state expects to collect $23 billion this year.