The biennium State budget, SB 105 / S.L. 2021-180, for fiscal-years 2021-2023 is now law following a strong bipartisan vote last week, 41-7 and 104-10, in the State Senate and State House, respectfully.
All tagged tax cut
The biennium State budget, SB 105 / S.L. 2021-180, for fiscal-years 2021-2023 is now law following a strong bipartisan vote last week, 41-7 and 104-10, in the State Senate and State House, respectfully.
The North Carolina Senate passed a Republican-led tax reform package Wednesday evening in a quick, 36-14 vote that drew eight Democrats to cross the aisle and vote in favor of the bill. House Bill 334 would raise the standard deduction from $21,500 to $25,500 for joint filers, which would take about a quarter of a million of the lowest-income North Carolinians entirely off the tax rolls. It also reduces North Carolina’s flat income tax rate for remaining taxpayers from 5.25% to 4.99%.