North Carolina tax overhaul bill heads to McCrory

North Carolina State Legislative Office Building (Image source: Wikimedia Commons)
July 17, 2013 12:23:05 PM PDT
It's all but set that a tax overhaul deal reached by Republican Gov. Pat McCrory and legislative leaders will soon become North Carolina law.

The North Carolina House of Representatives and Senate gave thumbs up Wednesday. The next stop is Gov. Pat McCrory's desk.

Under the plan, individual and corporate income tax rates would be reduced and the sales tax tinkered with to cover a few more transactions.

Republicans gave tentative approval to the bill Tuesday. They said it will put more money into people's wallets and give North Carolina an advantage in business recruiting. However, Democrats contend wealthy taxpayers will benefit the most at the expense of everyone else.

Once McCrory signs the bill, most changes will take place in 2014. However, the repeal of North Carolina's estate tax begins this year.

The governor's office scheduled a signing ceremony at the old Capitol building late Wednesday afternoon, but didn't say for what legislation.

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