Yesterday the Senate debated in Finance Committee about changes to their tax plan. Many changes came out of the plan and it seems that both the Senate and the House are moving closer together in agreement for a tax reform plan.
For fiscal year 2013-15 biennium, the new Senate plan would reduce General Fund revenue by $684 million. The alternative House plan would reduce General Fund revenue by $358.1 million, which includes the repeal of the estate tax passed in HB 101.
If you want to see more on the new Senate Tax proposal, click here for a complete comparison between this plan and the House plan.
Other John Locke publications about the new Senate plan include Barry Smith’s report for Carolina Journal Online and John Hood’s Daily Journal examining the real impacts of tax reform on the North Carolina budget.
