RALEIGH, N.C. (AP) — There’s a move afoot among North Carolina Republican legislators to cut more taxes by reducing a key corporate rate and making exempt more personal income.
Co-chairmen of the Senate Finance Committee filed this week a measure to increase standard deductions for individual tax filers of all types in 2021 by an additional $375 to $750. And the franchise tax rate for corporations would drop over time from $1.50 per $1,000 of the company’s tax base to $1 per $1,000.
Sen. Jerry Tillman and Ralph Hise tell WRAL-TV the measure represents an agreement with House Finance Committee counterparts.
Any final legislation — tax changes usually are incorporated into the budget — would be subject to Democratic Gov. Roy Cooper’s veto. Cooper has been critical of recent corporate tax cuts by Republicans.
Copyright 2019, The Associated Press. All rights reserved.
