Carolina Journal: State House Passes First Major Tax Reform in Decades
The NC House made a bold move to get NC Back in the Game! Read this article from Carolina Journal’s Barry Smith to find out what the House tax reform bill features.
By Barry Smith
Jun. 8th, 2013
RALEIGH — The state House, during a rare Friday session, gave its initial approval to a tax reform bill, taking a giant step toward fulfilling a campaign promise.
“We have talked about tax reform for decades,” said House Majority Leader Edgar Starnes, R-Caldwell. “Until today, it’s been nothing more than just that, talk.”
The bill passed the House by a 72-32 vote, with one Democrat — Rep. William Brisson, D-Bladen — joining 71 Republicans in voting for the bill. Sixteen House members were absent for Friday’s vote.
A statement from House Speaker Thom Tillis, R-Meckenburg, said the measure would replace a tax code “that was built on a 1930s population model that has subjected North Carolinians to the highest income taxes in the Southeast.”
The measure (House Bill 998) would reduce personal and corporate income tax rates while expanding the sales tax to include some services, such as repair work, maintenance, and installation of tangible personal property. The proposal would amount to a tax cut of more than $300 million over the next two fiscal years