RALEIGH (AP) — North Carolina’s General Fund has surpassed its expected revenues by about $445 million in the most recent fiscal year, further exceeding estimates made earlier this year by about $45 million.
The Fiscal Research Division of the General Assembly said in an email to legislators and staffers Monday that total revenues in the fiscal year ending June 30 were $21.4 billion. The biggest gains came in individual and corporate income tax revenues, which exceeded last year’s projection by $193 million and $232 million, respectively.
Increased tax revenues triggered a lowering of the corporate income tax rate from 5 percent to 4 percent in 2016.
In May, Republican leaders in the legislature estimated surplus revenues would total around $400 million.