Raleigh – Senate Leader Phil Berger (R-Rockingham) and House Speaker Tim Moore (R-Cleveland) today announced in a press release “the Taxpayer Refund Act. If passed into law, every taxpayer would receive a refund in the amount they paid in state taxes, up to a maximum of $125 for an individual or $250 for a couple.”
Senator Berger said in the release, “Tax revenues don’t belong to the government, they belong to the people who earned it. Refunding up to $250 means a lot to a family that’s living paycheck-to-paycheck. We collected more money than was needed, so we’re giving it back.”
Speaker Moore when on to said in the release, “Sending taxpayer relief back home to hardworking North Carolinians is consistent with the General Assembly’s successful approach to the state budget that built the $900 million surplus and benefits families with higher take-home pay, more jobs, and a rapidly growing economy.”
Andy Ellen, President of
Fast Facts according to the press release
Cost There is no “cost” because this bill is returning money to the people who earned it. In that sense, the refund will return $663 million to the people.
Recipients More than 5.1 million taxpayers would receive a refund. More than 90 percent of taxpayers would receive the maximum refund. More than 350,000 taxpayers would have their entire tax liability covered by the refund.
Mechanism The North Carolina Department of Revenue will send a check to every taxpayer equal to the amount that person or couple paid in state taxes, up to $125 for an individual or $250 for a couple.
Timeline The Taxpayer Refund Act instructs the Department of Revenue to issue checks as soon as possible. The Department must mail checks by December 15,
Impact on the Budget There is funding available to both refund the surplus to taxpayers and enact a new budget at higher spending levels.
Legislators continue to be willing to negotiate with Governor Cooper about the budget, but he maintains his refusal to sign any negotiated budget into law unless the legislature first passes Medicaid expansion. Instead of sitting on a pile of cash, legislators intend to return this money back to the people who earned it.