NC Budget Process Kicks Into Gear In Raleigh
Later today, the House Finance Committee will begin debating their proposed 2016 state budget. And we now know some of the proposals the committee will consider.
Monday morning, the General Assembly posted an update to House Bill 97. At 42 pages, it is by no means complete. But it does have a number of provisions that illustrate where the House is going with this budget.
The bill partially restores the Historic Preservation Tax Credit, which allows developers and individuals to get a tax rebate for re-developing or refurbishing some older structures.
The bill also calls for a four year extension for tax credits on most renewable energy projects. But solar projects would get a two year extension.
And the bill would restore a medical expense tax deduction for those 65 and older.
HB 97 also calls for increasing a number of state fees, ranging from yearly inspections at cheese factories to how much you pay for a replacement license at the DMV.
More provisions will be added throughout the day. By tomorrow morning, we should have a more complete view of the House’s $22 billion proposed budget.