North Carolina S967 mandates tax rate reductions if certain revenue thresholds are met and a budget is ratified.

North Carolina S967 establishes a tax rate reduction trigger linked to specific revenue thresholds and the ratification of a budget. If the General Assembly ratifies a Current Operations Appropriations Act by July 1 and total General Fund revenue exceeds the specified trigger amount for the fiscal year, the applicable tax rate will be reduced. The reduction is the greater of a half-percentage-point decrease from the prior year's rate or a minimum rate of 2.49%. This applies to fiscal years starting from 2025-2026 through 2032-2033, with increasing revenue thresholds each year.

North Carolina S967 mandates tax rate reductions if certain revenue thresholds are met and a budget is ratified.

North Carolina S967 establishes a tax rate reduction trigger linked to specific revenue thresholds and the ratification of a budget. If the General Assembly ratifies a Current Operations Appropriations Act by July 1 and total General Fund revenue exceeds the specified trigger amount for the fiscal year, the applicable tax rate will be reduced. The reduction is the greater of a half-percentage-point decrease from the prior year's rate or a minimum rate of 2.49%. This applies to fiscal years starting from 2025-2026 through 2032-2033, with increasing revenue thresholds each year.