Includes historic investments in infrastructure, capital projects, education, $2 billion in tax cuts, and more
The House budget passed its third and final reading in a bipartisan vote Thursday afternoon, shining a spotlight on infrastructure, growth, and innovative projects to propel the state forward.
The House budget that was approved includes historic funding for infrastructure, capital projects, education, and more.
Among other things, the House budget invests:
- $2 billion in tax cuts over the next two years
- $5.8 billion in capital projects and infrastructure
- Over $1 billion in broadband expansion
- 5.5% teacher raises
- 2.5% state employee raises
- $465 million in disaster-related programs
- $500 million for small business grants for COVID recovery
- $2.8 billion in our savings reserve
The House budget also:
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Restores Master’s pay supplement for teachers
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Provides teachers with 8 weeks of paid parental leave
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Eliminates requirement for teachers to pay for substitutes when using leave
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Makes unemployment benefits nontaxable income
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Invests in mental health facilities
House Speaker Tim Moore said, “Historic investments in infrastructure, capital projects, education, and mental health are just a few of the great things that make this budget the right way forward for North Carolina.”
He continued, “We have a budget that truly addresses the needs of all North Carolinians, many of which have been discussed for years by both parties. Now, thanks to the tight fiscal management we have historically voted for in this chamber, our state’s surplus allows us to invest in the right projects that propel our state forward. I look forward to negotiating with the Senate and Governor Cooper to come up with a final product that does the greatest amount of good for all North Carolinians.”