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Corporations get a tax break in the final hours of the session (video)
Posted By Clayton Henkel On June 18, 2011 @ 3:29 pm In Uncategorized | Comments Disabled
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:
Article printed from The Progressive Pulse: http://pulse.ncpolicywatch.org
URL to article: http://pulse.ncpolicywatch.org/2011/06/18/corporations-get-a-tax-break-in-the-final-hours-of-the-session-video/
URLs in this post:
 touting: http://www.facebook.com/pages/Phil-Berger/56158390063#!/notes/phil-berger/senate-keeps-promises-bucks-status-quo-in-historic-session/10150214778477278
 House Bill 619: http://www.ncga.state.nc.us/gascripts/BillLookUp/BillLookUp.pl?Session=2011&BillID=HB+619&submitButton=Go
 House Majority Leader Paul Stam: http://www.ncga.state.nc.us/gascripts/members/viewMember.pl?sChamber=H&nUserID=309
 Rep. Jennifer Weiss : http://www.ncga.state.nc.us/gascripts/members/viewMember.pl?sChamber=H&nUserID=198
 Rep. Paul Luebke: http://www.ncga.state.nc.us/gascripts/members/viewMember.pl?sChamber=H&nUserID=63
 NC Budget & Tax Center: http://www.ncjustice.org/?q=node/878
 Image: http://www.youtube.com/watch?v=oy3kMtTvZmk
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