Carolina Journal’s Dan Way reports on key elements of the budget compromise released Monday.
The $23 billion House and Senate budget compromise will include a 3.1 percent increase in spending in the 2017-18 budget year, which is higher than the two chambers agreed to several months ago when budget writing began.
Senate leader Phil Berger Sr., R-Rockingham, said the plan does many of the things Democratic Gov. Roy Cooper has asked for while allow North Carolinians to keep more of what they make.
To help achieve the higher spending the budget pushes the effective date of personal and corporate income tax cuts to 2019 instead of next year. The individual income tax rate would be 5.25 percent, with the standard deduction for married couples filing jointly set at $20,000. The amount of tax-free income a head of household could claim would be $15,000.
More details here.
