Republicans propose $2.1 billion in cuts on state income taxes
Personal income tax rates would be slashed and the corporate tax rate entirely eliminated by 2028 under a proposal rolled out on Tuesday, May 25, by N.C. Senate Republicans.
PPP
NC House expands small business tax relief bill to help unemployed workers impacted by COVID-19
Today, the NC House voted 112-1 to pass House Bill 334 – Temporarily Align PPP Treatment to Federal Treatment, which will provide tax relief for small businesses and individuals impacted by the COVID-19 pandemic.
House leadership reassigns Howard after she objected to moving bill
Rep. Julia Howard, R-Davie, has been removed from her powerful role as senior chair of the state House’s tax-writing Finance Committee. Howard has been reassigned to the budget-writing Appropriations Committee, where she’ll serve as a member at large.
House lawmakers push state tax exemption for expenses paid with PPP loans
Lawmakers in the North Carolina House have fast-tracked a bill that would allow businesses that received Payroll Protection Program loans from the federal government to have any expenses the funds were used for deducted from state tax.