There have been some reports that the tax increase contained in the NC budget was to be $990 million. Those reports appear to be premature.
According to the estimates in the budget bill released late last night, the tax increase is actually $1.08B. The new taxes will generate as follows:
Individual Income Surcharge – $172.8M
Corporate Income Surcharge – $23.1M
Sales Tax Increase – $803.5M
Digital products and click throughs – $11.8M
Tobacco, beer, wine, liquor – $68.8
Total $1.08 billion. Add in another $55 million or so in increased fees and it’s over $1.1 billion in new revenues for the government.