May 16, 2013
Special Edition of the NCGA Week in Review
This morning the House announced their comprehensive tax reform plan. The plan would reduce personal and corporate income tax rates while expanding the sales tax to cover more services. Under the plan, there would only be a single income tax bracket, and the sales tax would be reduced from 6.75 to 6.65 percent. Automobile repairs, warranty contracts, and several other services would be subject to sales tax under the plan.
RALEIGH, N.C. — House Republicans offered their own North Carolina tax overhaul plan Thursday that would reduce personal and corporate income tax rates and expand the sales tax to cover more services. The proposal's scope is much narrower than what Senate counterparts offered as GOP legislators try to fulfill a commitment to carry out tax reform this year.
Please contact the Raleigh McGuireWoods Consulting team if you have any questions or comments:
Harry Kaplan, Senior Vice-President
Jeff Barnhart, Senior Vice-President
Franklin Freeman, Senior Vice-President
John Merritt, Senior Vice-President
Johnny Tillett, Senior Vice-President
Rita Harris, Vice-President
Bo Heath, Vice-President
Kerri Burke, Assistant Vice-President
Sarah Wolfe, Research Assistant
Katy Feinberg, Strategic Communications