Raleigh, N.C. – Revenue collections for North Carolina’s 2018-19 Fiscal Year were $896.7 million above expectations, according to the Fiscal Research Division of the state General Assembly.
An email to lawmakers from the nonpartisan division’s chief economist on Thursday noted personal income tax final payments on the 2018 tax year exceeded expectations by more than $150 million.
Sales taxes also exceeded expectations by $73.9 million in May and June alone.
Other sources of tax and non-tax revenue were closely aligned with expectations released in the May 2019 consensus forecast, which predicted a $643 million surplus.
North Carolina has a top-ranked economy after eight years of responsible spending, debt reduction, and tax reform by the state General Assembly.
State House Speaker Tim Moore (R-Cleveland) is serving his third term as presiding officer of the chamber and credited smart spending and pro-growth policies maintained in this year’s state budget approved by the General Assembly.
“Together we’ve made our great state more competitive, increased education investments, and attracted rapid job and wage growth with smart reforms that work for the workforce,” said North Carolina House Speaker Tim Moore (R-Cleveland).