NC House on Track to Pass State Budget

April 5, 2023

North Carolina currently has a $3.8 billion surplus

NC House on Track to Pass State Budget

The state House of Representatives appears on track to pass its version of the state budget before the Easter break. Lawmakers are hopeful both chambers will approve the spending plan before the fiscal year ends on June 30. North Carolina has a $3.8 billion surplus to decide spending priorities including first and foremost, teacher and state employee pay increases in order to compete with the private sector salaries. The state currently has a 20% vacancy rate across all departments. NFIB State Director Gregg Thompson is closely monitoring several provisions in the budget which will have an impact on the small independent business community. House members want to speed up the reduction of the personal income tax from 4.99% to 4.5% in 2024. In addition, the standard personal deduction would increase to $26,000 for most taxpayers. Thompson also said there are numerous proposed regulatory changes that would be helpful to small businesses.

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State:

North Carolina

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