Republican Tax Package Gets Initial North Carolina Senate OK
This year's favored tax package for Republicans at the North Carolina General Assembly has received preliminary Senate approval.
The proposal advanced in a near party-line vote Thursday is almost identical to tax provisions contained in the House's state budget proposal approved two weeks ago.
For businesses, the rate on the franchise tax most corporations pay would decrease by one-third over two years. For individual tax filers, the standard deduction would increase slightly in 2021, meaning more low-income earners would pay no tax. And companies like Amazon and eBay would be told to collect sales taxes on consumers who buy products they offer through third-party retailers.
A final Senate vote is expected next week. Democratic opposition increases the likelihood that Gov. Roy Cooper would veto legislation containing this package.