Abstract:
Recent rulings by the North Carolina Supreme Court has forced the state to surrender $1.5 billion in realized revenue. The fiscal impact of the rulings is large and comes at a time when the state government is experiencing revenue shortfalls. White examines the following three cases that have had, and will continue to have, a large fiscal impact on North Carolina government:\r\nBAILEY V. NORTH CAROLINA, which concerned taxing of state retirees' pensions; SMITH V. STATE, which canceled the state's intangibles tax and the return of $600 million to taxpayers; and LEANDRO V. STATE OF NORTH CAROLINA, which stated that every child in North Carolina is entitled to a sound basic education.