2 Bills With Tax Cuts Advance Through NC Senate Panel
RALEIGH — Republicans leading the North Carolina Senate are advancing two additional tax-related bills largely gleaned from the vetoed state budget. Only one got full bipartisan support.
The Senate Finance Committee voted on Tuesday for measures, which are scheduled for floor votes on Wednesday.
A bill receiving widespread backing would increase standard deductions for individual income tax filers next year by another $750 to $1,500 — essentially raising the zero-tax bracket. The measure also directs companies like Amazon to collect sales taxes on consumers buying products they offer through third-party retailers.
Democrats opposed the other measure that would reduce the corporate franchise tax rate by one-third by 2021, saying $1 billion in cumulative lost revenue through mid-2024 could cover other needs. Republicans say franchise taxes are essentially duplicative property taxes on businesses.