NC Begins 2023-24 Fiscal Year Without a Budget Agreement

July 18, 2023

The lack of spending plan creates uncertainty for small businesses that pay taxes quarterly

NC Begins 2023-24 Fiscal Year Without a Budget Agreement

The 2023-24 fiscal year began on July 1 without a state budget. Despite months of debate and negotiations, the North Carolina House and Senate still haven’t come to terms on a state spending plan. Some of the sticking points are casinos, tax reform, economic development and pay raises for state workers. The leadership of both chambers has already said publicly that it will be at least mid-August before a compromise might be reached. While the leadership and budget negotiators continue to work, both chambers have decided not to hold any committee meetings due to annual legislative conferences and planned vacations. “The fact that businesses, especially those who file quarterly, will not know what taxes to pay is always a problem when the budget process drags on weeks past the end of the fiscal year,” NFIB State Director Gregg Thompson said. “In addition to tax reform, there are policy issues in both budgets as well as some that will be added affecting the small business community NFIB is monitoring closely but will not know the final results until the budget is actually presented in committee.” After the Assembly completes the budget session, they will return sometime in the fall to tackle House, Senate and congressional redistricting before the filing period opens for the 2024 primaries and general elections.

Topics:

Uncategorized

State:

North Carolina

Get to know NFIB

NFIB is a member-driven organization advocating on behalf of small and independent businesses nationwide.

Learn More