Uncategorized

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:

Check Also

Co-chairs discuss scope of legislative committee to study school safety

House Speaker Tim Moore announced the appointments Tuesday ...

Top Stories from NCPW

  • News
  • Commentary

Last week, a teenager in Florida opened fire in a high school and killed 17 people. Nikolas Cruz, 19 [...]

Students, faculty and staff at UNC continue protest the Chapel Hill campus’ Confederate monument, “S [...]

On a sultry day last September, Megan Stilley arrived at Lanier Farms, a large swine operation in ru [...]

When North Carolina lawmakers approved what one Republican described as a “historic” investment in r [...]

In “Lessons on political speech, academic freedom, and university governance from the new North Caro [...]

Cracks are forming in the NRA’s death grip on American politics At some point, it’s going to happen. [...]

As the General Assembly wraps up its weirdly timed and generally ill-conceived winter session, it wo [...]

The post Dumb & Dumber & Dumbest appeared first on NC Policy Watch. [...]