I've neglected to cover the happenings in the North Carolina General Assembly this year and I hope to correct that in the next session of the state legislature. Below is a press release from Americans for Prosperity regarding their reaction to the signing of House Bill 998 into law. Read the text of the bill.
| FOR IMMEDIATE RELEASE: Tuesday July 23, 2013 CONTACT: Dallas Woodhouse at (919) 671-1050 ordwoodhouse@afphq.org |
Conservative group believes tax reform is the "jobs bill" of the legislative session
RALEIGH, NC – Americans for Prosperity, the state’s leading voice for economic freedom, praised the North Carolina General Assembly and Governor Pat McCrory for passing and signing major tax reform legislation into law. Governor McCrory is signing House Bill 998 – the Tax Simplification and Reduction Act – at a ceremony today at the State Capitol building.
“The taxpayers of North Carolina should be very proud of what has happened here in Raleigh,” said Dallas Woodhouse State Director Americans for Prosperity-North Carolina. “We have leaders at the General Assembly and in Governor McCrory that did what previous administrations were unable or unwilling to do – provide tax relief to North Carolina and reform an antiquated tax code.”
The new tax reform law reduces and simplifies the 3-tiered state personal income tax from the current maximum rate of 7.75% and minimum rate of 6% to a flat rate of 5.75% in 2015. It also reduces the corporate income tax from 6.9% - the highest rate in the southeast – to 5.75% in 2015 and potentially 3% by 2017. The new law also repeals North Carolina’s estate tax, also known as the “Death tax.”
Woodhouse continued, “Under the old tax code, our personal and corporate income taxes created real ‘sticker shock’ for entrepreneurs and businesses looking to locate in North Carolina. The new tax code makes our state much more attractive to businesses looking to relocate. I believe that this was the jobs bill of this legislative session.
North Carolina’s unemployment rate is currently fifth highest in the nation at 8.8%. Meanwhile the state’s top-tier personal income and corporate tax rates have been the highest in the southeast.
“I think there is definite correlation between our formerly high tax rates and high unemployment in this state. I want to see North Carolina, not only back in the game for jobs, but winning the game. We will have jobs again because we’ve had leaders who decided to make our tax code more friendly to job creators in the real economy,” said Woodhouse.
For further information or an interview, please contact Dallas Woodhouse at dwoodhouse@afphq.org or (919)671-1050.
Americans for Prosperity (AFP) is a nationwide organization of citizen-leaders committed to advancing every individual’s right to economic freedom and opportunity. AFP believes reducing the size and intrusiveness of government is the best way to promote individual productivity and prosperity for all Americans. For more information, visit www.americansforprosperity.org
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