Archive: Tax Reform

  • Rucho: Lawmakers Not Done With Tax Reform

    RALEIGH — North Carolina residents could receive a larger personal income tax exemption if the General Assembly’s 2016 short session follows the lead of state Sen. Bob Rucho, R-Mecklenburg, who has led the Senate’s tax reform efforts since 2011, when Republicans took control of that body.

  • Reforms Are Producing Results

    A new report from the Tax Foundation shows how lower, simpler taxes have improved North Carolina's standing among other states and helped families and business owners in the state.

  • Budget Deal Includes New Round of Tax Reform

    RALEIGH — State taxpayers will pay $400 million less over the next two years if lawmakers pass a $21.735 billion state budget deal announced Monday by legislative leaders. The 2016-17 state budget also expands the sales tax base to include more repair and service work to help offset the tax rate…

  • Budget Provision Could Delay Corporate Rate Cut

    RALEIGH — A new round of tax cuts in the $21.735 billion state budget for 2015-16 may prevent the state from lowering the corporate income tax rate to 3 percent in 2017 because tax collections are projected to be $74.7 million lower than a revenue target set two years ago.

  • Tax Cuts Will Boost State’s Business Rankings

    RALEIGH — Amid the uncertainty of state budget negotiations, one fact still holds: North Carolina’s corporate tax rates will continue to drop, and those cuts will improve the state's standing in an index from the Tax Foundation in Washington, D.C., ranking state business climates. Once the rates triggered by strong…

  • Unexpected Surplus Would Trigger Lower Tax Rates

    RALEIGH — The tax reform law passed by the General Assembly in 2013 — lowering personal income tax rates, establishing a flat tax, and reducing corporate income tax rates — included a trigger provision that would cut lower corporate tax rates even more if tax collections exceed revenue projections. If…

  • Senate’s Tax Proposals Mostly Draw Kudos

    RALEIGH — The bill would lower the franchise tax rate — imposed on all businesses in North Carolina — from $1.50 per $1,000 to $1.35 per $1,000. It would raise the minimum franchise tax from $35 to $200. For holding companies, the bill would double the maximum franchise tax from…

  • McCrory Signs Tax Bill Covering E-Cigs, Local Business Taxes

    RALEIGH — The Senate gave initial approval to House Bill 1050 Wednesday and made its final vote just after noon Thursday. The House concurred with the Senate version an hour later, and Gov. Pat McCrory signed the bill at 4:05 p.m. The bill also did away with local privilege license taxes…