After a year long wait, the General Assembly has approved the $34 million state budget for the 2026-27 fiscal year. It passed with a mix of bipartisan support and opposition in both chambers. In addition to K-12 funding and policy provisions, the proposal lowers the personal income tax rate from 3.99% this year to 3.49% next year and extends a possible cut to 2.49% from 2029 to 2034.
The budget sets K-12 public school spending at $15,644,285,634, with $3,143,924,416 from receipts including those from the Education Lottery, and the $12,500,361,218 remainder would come from the state’s General Fund.
A technical corrections bill was also approved by both chambers. The legislature is expected to consider a more comprehensive technical corrections bill when they return on Monday, July 27.
Budget Documents
- Conference Committee Substitute for Senate Bill 257, 2026 Appropriations Act
- Joint Conference Committee “Money” Report
- NCASA Summary: Senate Bill 257 2026 Appropriations Act Funding
- 2026 Budget Technical Corrections
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