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Corporate tax breaks rolled out in Senate committee
RALEIGH
Corporations would see a tax break as soon as next year with more cuts to come under a measure Republican lawmakers are pushing as part of a massive tax overhaul.
Charlotte Sen. Bob Rucho touted a bill Tuesday that would lower the corporate tax rate from 6.9 percent gradually to 6 percent by 2016. It also would eventually impose the tax only on a company’s sales in North Carolina. The current system also taxes a business’s property and payroll in the state.
Rucho, who is leading the tax effort, said the changes are key to luring companies and jobs to the state. North Carolina’s current rate is the highest among neighboring states.
The measure stops short of completely eliminating the corporate income tax – a major goal for some Republican lawmakers and Gov. Pat McCrory. Senate GOP leaders proposed abolishing all income taxes earlier this year but the cost of the cuts is tempering the overhaul effort
How lawmakers pay for the tax cuts still remains unclear. The corporate tax cuts are expected to cost the state $345 million by the time they are fully implemented in fiscal year 2017-2018.
Alexandra Sirota, the director of the N.C. Budget and Tax Center, a group advocating a more modest overhaul, said the costs of the plan still concern her.
“It would reduce the available money for investment in schools – it would impact everyone in North Carolina,” she said.
Corporations would see a tax break as soon as next year with more cuts to come under a measure Republican lawmakers are pushing as part of a massive tax overhaul.
Charlotte Sen. Bob Rucho touted a bill Tuesday that would lower the corporate tax rate from 6.9 percent gradually to 6 percent by 2016. It also would eventually impose the tax only on a company’s sales in North Carolina. The current system also taxes a business’s property and payroll in the state.
Rucho, who is leading the tax effort, said the changes are key to luring companies and jobs to the state. North Carolina’s current rate is the highest among neighboring states.
The measure stops short of completely eliminating the corporate income tax – a major goal for some Republican lawmakers and Gov. Pat McCrory. Senate GOP leaders proposed abolishing all income taxes earlier this year but the cost of the cuts is tempering the overhaul effort
How lawmakers pay for the tax cuts still remains unclear. The corporate tax cuts are expected to cost the state $345 million by the time they are fully implemented in fiscal year 2017-2018.
Alexandra Sirota, the director of the N.C. Budget and Tax Center, a group advocating a more modest overhaul, said the costs of the plan still concern her.
“It would reduce the available money for investment in schools – it would impact everyone in North Carolina,” she said.
Read more here: http://www.charlotteobserver.com/2013/04/09/3972118/corporate-tax-breaks-rolled-out.html#storylink=cpy
I'll tell you how lawmakers are going to pay for the tax cuts. On the backs of the poor and middle class.
2 replies
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Thanks for the advice! 
