North Carolina’s economy has been devastated by the decisions of Gov. Roy Cooper and state and local officials in their attempt to ameliorate the effects of COVID-19. To enforce social distancing rules, politicians outlawed a number of occupations and businesses. Included in these restrictions are restaurants and restaurant workers, beauty…
A corporate tax cut expected to pass at the end of the General Assembly’s session surprisingly wound up on the cutting room floor. The House Finance Committee killed a franchise tax reduction bill Wednesday, Oct. 30, even though Republicans, who hold…
North Carolina’s franchise tax is a punitive and opaque tax levied on businesses organized under one of the usual corporate forms, primarily C-Corps and S-Corps. It is inconsistent with both good economics and good government. Most of the problems associated with the corporate income tax are also present in the…
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…
