Today around lunchtime the NC Senate released their tax plan.  Watch the video from Senate Pro Temp Phil Berger here.

The tax reform bill, being named the Tax Fairness Act, would:

  • Reduce the top state personal income tax rate from 7.75 to 4.5 percent over three years and reduce the tax rate on lower income earners from 6 to 0 percent immediately upon implementation of the plan.
  • Apply the new 0 percent state income tax bracket to the following income amounts:
    • First $10,000 of income in 2014
    • First $12,500 of income in 2015 and 2016
    • First $15,000 of income in 2017
  • Reduce the corporate income tax from 6.9 percent to 6 percent over three years.
  • Reduce the combined local and state sales tax from 6.75 percent to 6.5 percent and expand the sales tax base to include services. Business-to-business transactions within the expanded base will not be taxed.
  • Reduce the business franchise tax by 10 percent.
  • Eliminate North Carolina’s death tax.
nctaxcut.com
www.nctaxcut.com

Visit http://www.nctaxcut.com/ for more information about the Senate’s tax plan.