| Legislative
Bulletin |
MARCH
16, 2001 |
 |
 Major
Revenue Sources in Gov. Easley's budget proposal
The
governor's budget projects an increase of nearly $900 million
in General Fund tax revenue next fiscal year, about half of
that from sharply higher individual income taxes produced by a
strengthening economy. You can download the entire budget
document, a 578 k pdf file, from the Office of State Budget
and Management, by clicking
here.
| General
Fund Revenue Projections |
2000-01 |
2001-02 |
2002-03 |
| Inheritance
tax |
$125,600,000 |
$140,100,000 |
$138,600,000 |
| Licenses
taxes (1) |
$0 |
32,300,000 |
47,500,000 |
| Cigarette
tax |
$42,300,000 |
41,100,000 |
39,900,000 |
| Franchise
tax (2) |
$526,500,000 |
459,200,000 |
484,000,000 |
| Individual
income tax |
$7,477,000,000 |
$8,110,700,000 |
$8,657,700,000 |
| Corporate
income tax (2) |
$557,700,000 |
627,800,000 |
680,700,000 |
| Sales
and use tax |
$3,500,900,000 |
$3,700,600,000 |
$3,889,200,000 |
| Beverage
tax |
$174,000,000 |
180,100,000 |
186,400,000 |
| Insurance
tax |
$292,000,000 |
306,500,000 |
321,800,000 |
| Piped
natural gas |
$30,300,000 |
32,000,000 |
32,600,000 |
| Other
taxes |
$27,200,000 |
28,600,000 |
29,400,000 |
| Total
Tax Revenue |
$12,753,500,000 |
$13,659,000,000 |
$14,507,800,000 |
| |
| Nontax
Revenue |
| Investment
Income |
$178,800,000 |
165,100,000 |
167,700,000 |
| Judicial
Fees |
$109,800,000 |
114,200,000 |
118,800,000 |
| Disproportionate
Share Receipts |
$109,100,000 |
107,000,000 |
107,000,000 |
| Insurance
Department |
$41,100,000 |
41,800,000 |
43,500,000 |
| Miscellaneous |
$107,800,000 |
112,300,000 |
116,700,000 |
| Total
Nontax Revenue |
$545,600,000 |
$540,400,000 |
$553,700,000 |
| |
| Highway
Fund Transfer |
$13,800,000 |
$14,500,000 |
$15,300,000 |
| Highway
Trust Fund Transfer |
$170,000,000 |
170,000,000 |
170,000,000 |
| Total
Revenue/ Current Law |
$13,482,900,000 |
$14,383,900,000 |
$15,246,800,000 |
| |
|
|
|
| Plus: |
| Increase
in Highway Trust Fund Transfer |
$0 |
$30,000,000 |
$30,000,000 |
| Revenue
Dept. Enhanced Collections |
$0 |
18,000,000 |
18,000,000 |
| Loophole
- Closing Commission |
$0 |
150,000,000 |
150,000,000 |
| |
| Total
General Fund Revenue |
$13,482,900,000 |
$14,581,900,000 |
$15,444,800,000 |
| Percentage
Change |
2.6%
(3) |
8.2%
(3) |
5.90% |
| (1)
Settlement of the Chrysler and Ford lawsuits refunded
all gross collections in 2000-01. |
| (2)
A portion of the Corporate Income Tax was transferred
to the Franchise Tax schedule during 2000-01. This
transaction reversed a misreporting of Franchise tax
revenue as Corporate Income Tax revenue in 1999-2000. |
| (3)
Adjusted for refunds/lawsuits/revenue enhancements: 5%
in 2000-01 and 5.3% in 2001-02. |
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