Site Selection just released its latest “Best States for Manufacturing” report. North Carolina ranked second in the nation in 2023, behind only South Carolina. The study relies on three categories of data: 1) workforce and market alignment, 2) operating costs, and 3) geographic positioning. North Carolina compares favorably with other states in all three, but...
Negotiators from the North Carolina House and Senate are current hashing out a compromise budget for the fiscal year that begins in July. One of the sticking points, it seems, is how best to build on the state’s impressive record of tax reduction and reform. Before the Republicans won their legislative majorities in 2010, North...
North Carolina places 10th in the nation for its tax environment, according to new rankings from the Washington, D.C.-based Tax Foundation. The Tar Heel State’s 2.5% corporate income tax helped the state achieve its better score, coming in fifth best nationally. North Carolina placed 17th for the individual income tax rate, 20th for the sales tax rate,...
A letter from the head of a national tax reform group touts N.C. lawmakers’ “leadership in advancing pro-growth tax policies.” The letter from Grover Norquist of Americans for Tax Reform calls for legislators to consider even more tax-related changes as they begin a new session.
BACKGROUND On January 21, 2018, the federal corporate income tax rate dropped from 35% to 21%. The corporate income tax rate in North Carolina fell to 2.5% in 2019. As recently as 2011, the North Carolina corporate income tax rate was 6.9%. This article explains the reasons for these reductions. Governor Roy Cooper always equates...
In a press conference Monday afternoon, Republican state senators presented a state budget proposal they say is grounded in North Carolina’s strong fiscal position after a decade of prudent budgeting. The Senate proposes returning a portion of surplus revenues to taxpayers and advancing needed capital infrastructure projects in their version of the two-year budget. Senate...
The vape tax disappeared by the time its mini-budget made it to the House floor. The House Finance Committee sprung an amendment that would tax e-cigarette and vapor products on Senate Bill 557 in committee, Wednesday, Oct. 30. The amendment cleared the Finance Committee that morning with strong support, but was scrubbed in the House...
State legislators have sent a tax on vaping to the House. The House Finance Committee amended a mini-budget, Senate Bill 557, Wednesday, Oct. 30, to raise the tax on vaping and send part of the tax revenue toward the Tobacco Use Prevention Fund. Representatives called the tax the “first step” in tackling the vaping crisis....
Makers of craft alcohol in North Carolina — whether it’s beer, wine, or liquor — generally agree on some expected benefits of the Tax Cuts and Jobs Act, which the president signed in December. Mainly, lower excise taxes and some tweaking of alcohol-by-volume limits. The chance to expand and to hire more workers. To make...
The tax reform legislation approved by Congress and sent to President Trump Wednesday makes sweeping reforms to the national tax landscape, but an influential Washington-based think tank says the new law should have minimal impact on North Carolina’s tax structure. It will, however, return more money to the Tar Heel State’s taxpayers — nearly $600...
During the coming decade, the federal government is expected to spend about $53 trillion and take in $43 trillion. Passage of tax reform would make that latter number more like $41.6 trillion.
