The $23 billion budget was sent to Governor Cooper who will sign it or veto it or let it become law without his signature. The deadline is Sunday, July 2. In either case, the budget is on track to become law as the Legislature has a veto-proof majority. A partisan move by the Senate to cut half the legal staff – some 123 lawyers – from the budget of Attorney General Josh Stein could prompt Gov. Roy Cooper to use the veto stamp.
The budget is a success for the hosiery and textile industry supporters of the Textile Technology Center and the Manufacturing Solutions Center. Both centers received full funding for their operating and training budget. Language in the budget codifies the MSC practice of investing earned income for growth of the center. (A provision added for the Textile Center four years ago). And franchise tax was removed from purchases of new manufacturing equipment. Also manufacturing equipment does not have to be recertified by safety inspectors if moved or sold.
The budget overall is friendly to business with adjustments to regulatory requirements and lower income taxes. TRENDS will provide details in the budget in the weeks and months ahead.