Saving for North Carolina’s Future – House Bill 7 Heads to Senate Committee

Raleigh, N.C. – The North Carolina Senate Finance Committee is scheduled to consider House Bill 7 Strengthen Savings Reserve this week.

The legislation is part of an ongoing effort by Republicans in the North Carolina General Assembly to save responsibly and prepare the state for potential emergency funding or disaster recovery needs.

House Bill 7 provides that the Governor’s Recommended State Budget must include a transfer to the Savings Reserve of 15% of the estimated growth in state tax revenues each fiscal year.

North Carolina now has over $1.4 billion in its Savings Reserve account.