Work Continues On State Budget

May 17, 2023 Last Edit: June 5, 2025

Lawmakers and Governor Cooper disagree on the best spending plan for fiscal 2023-24

Work Continues On State Budget

North Carolina doesn’t have a state budget for 2023-24. It has three. Gov. Roy Cooper proposed one, and so did members of the state House and Senate, and they’re all different, but lawmakers are hopeful they can work out their differences and pass a new state budget before the current one expires on June 30. “So far, the most business-friendly version is the Senate’s, which include the current tax reforms as well as additional cuts for small businesses and families,” NFIB State Director Gregg Thompson said. Both the House and Senate versions of the budget bill call for reducing the 4.5% personal income tax rate to 3.99% in 2024. Most small businesses in the state are organized as pass-through entities, meaning any profits pass through the business to the owner, who pays taxes at the individual tax rate. Thompson said NFIB will continue monitoring the budget talks and advocating for a spending plan that doesn’t include new taxes on small businesses.

Topics:

Taxes

State:

North Carolina

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