August Newsletter/2013 Legislative Wrap Up

Tax Reform
HB 998-Tax Simplification and Reduction Act
-This tax reform package will spur growth within North Carolina, while attracting new businesses and individuals to relocate here because of the move to a flat income tax rate of 5.9%.
-Over the next few years, the corporate income tax will be reduced to 3%. All the while, making certain that revenue and spending obligations will be met.
-Protects social security income, non-profit tax status and caps the state gas tax.
-This fiscally responsible plan is one of the first steps we have taken to provide tax relief to the hard working families of North Carolina.


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