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Governor Signs Bill Repealing Local Privilege Taxes

Date: May 30, 2014

Soon after HB 1050 passed the House and the Senate, Gov. Pat McCrory signed the tax-reform bill into law.

The measure includes a provision that will help small businesses by repealing the authority of municipalities to charge a privilege license tax, effective July 1, 2015, said Gregg Thompson, state director of NFIB/North Carolina.

Today, over 300 cities in the state require businesses to pay a privilege tax, which is a tax paid for the "privilege" of doing business in city or town.

The tax rate varies from one city to another, but Thompson said repealing the privilege tax would be a welcome relief to small-business owners, saving them an estimated $62 million a year.

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