The Senate approved the Tax Reduction Act of 2019 on a 28-13 vote on Monday, May 20, and sent it to the House. Last Thursday, the bill passed its initial vote by a 26-19 margin.
Sponsors say Senate Bill 622 will reduce individual and corporate taxes by $800 million over the next five years. It includes reductions in the franchise tax, allows collection of more taxes from out-of-state businesses, and increases the amount of money that is exempt from personal income taxes.
Sens. Jerry Tillman, R-Randolph; Ralph Hise, R-Mitchell; and Paul Newton, R-Cabarrus, are the primary sponsors of the measure. S.B. 622 now goes to the House.