Gov. McCrory of North Carolina shared his $21.5 billion spending plan for the next two years with the General Assembly.
“No new taxes.”
That’s the most significant takeaway from North Carolina Gov. Pat McCrory’s budget proposal for 2015 to 2017.
North Carolina Gov. Pat McCrory has revealed his budget proposal for 2015-2017. One of the most important takeaways is his promise of “no new taxes.” For small business owners in the Tar Heel State, this is a big relief.
McCrory’s budget proposes a $21.5 billion spending plan, with just over 80 percent of funds dedicated to education and health and human services. The plan, released in front of the members of the General Assembly, will be reviewed as a guideline while the members compose their own spending plan for 2015 through 2017. That spending proposal will return to the governor’s desk for his signature later this year.
A crucial issue the governor’s budget tackles is increasing the state’s transportation infrastructure, an area small businesses will be affected.
“NFIB has taken a [supportive] stance on the governor’s proposal for improving transportation infrastructure, particularly roads and highways, as long as the method of payment does not fall on the backs of business owners,” says NFIB/North Carolina state director Gregg Thompson. “We do applaud the governor for initiating creating jobs in the state through infrastructure and transportation, which will directly affect the small business community.”
Key highlights of the budget proposal:
- No new taxes
- Gas Tax decrease to 35 cents from 37.5 cents
- $115 million investment in jobs
- $4.8 billion for 25-year transportation infrastructure vision
- $51 million increase for road preservation and improvement projects; $10 million to ease congestion
The proposal also takes measures to protect North Carolina’s strong credit rating and economic growth. McCrory suggested a new plan, known as North Carolina Competes, to increase economic development with $99 million designated in the budget for the initiative. It addresses both incentives to drive business and long-term infrastructure needs.
The Governor’s proposal was unveiled following a recent positive report from the Small Business Administration, which reported that the number of small businesses in North Carolina grew to 833,107 in 2014, up from 819,380 in 2013. During that time, the number of employees working for small businesses increased by more than 20,000.
