Today @NCCapitol (Feb. 11): Define 'tax cut'
The N.C. Senate is scheduled to debate a package of changes to the state's gas tax that would yield short-term gain but long-term pain at the pump for motorists.
Posted — UpdatedSenate leaders insist Senate Bill 20 is a tax cut, but legislative staff project it would bring in an additional $1.2 billion in gas taxes over the next four years by raising the minimum gas tax to 35 cents per gallon, far above the 30.4 cents a gallon to which it was scheduled to drop in July due to falling gas prices.
Late Tuesday, Fiscal Research Chief Barry Boardman released a memo to lawmakers estimating a $271 million shortfall for 2014-15 - higher than earlier projections of $200 million. Boardman's memo said the shortfall is largely due to weaker than expected wage growth.
On Thursday, the two chambers' full budget committees will meet jointly to hear the full revenue forecast report, which will have big consequences for spending in the next biennium.
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