Corporations get a tax break in the final hours of the session (video)
The Republican-led General Assembly adjourned Saturday touting the passage of dozens of bills
that they say will put North Carolina on “a new, more responsible path to better economic growth, prosperity and public education.”
Among the bills to win approval in the final hours of the session was House Bill 619, which amends the state’s tax code and allows multi-state businesses to shift their revenue around and lessen their tax burden in North Carolina.
House Majority Leader Paul Stam called the measure the “most powerful economic development bill” lawmakers could pass.
But Rep. Jennifer Weiss said the legislation creates a tax loophole that will cost the state $32 million and essentially “legalize tax evasion.”
Rep. Paul Luebke said the bill was nothing to be proud of, and would do nothing to help small businesses back home.
The NC Budget & Tax Center has said the bill would stack the deck against local businesses and “starve the critical public structures we depend on.”
The Revenue Laws Study Committee will examine the proposal further before it goes into effect next year.
To hear some of the debate over House Bill 619, click below: