Figure 2: Tax cuts in the NC state budget will mean a loss of over $13 billion in annual revenue by 2031

Estimated revenue loss in billions of dollars from scheduled cuts to the state personal income tax (PIT) and corporate incomes tax (CIT) rates in North Carolina, by fiscal year (FY)

Tax cuts in the NC state budget will mean a loss of $13 billion in annual revenue by 2031
*NCGA Fiscal Research Division provided a range for the estimated revenue loss from PIT cuts triggered by revenue thresholds. This chart shows the low estimate. Under the high estimate total revenue loss in FY31 would be $15.2B. 
Chart: NC Budget & Tax CenterSource: NCGA Fiscal Research DivisionGet the dataEmbedDownload imageCreated with Datawrapper