Survey Shows Big Improvement in NC's Business Climate

Date: October 28, 2014

Gregg Thompson, state director of the National Federation of Independent Business, released the following statement on North Carolina’s showing on the Tax Foundation’s 2015 State Business Tax Climate Index:
“I think the Tax Foundation’s report shows what people here have known for some time, which is that North Carolina is headed in the right direction, thanks in big part to great leaders such as House Speaker Thom Tillis, Senate President Phil Berger, and, of course, Governor Pat McCrory.
“Last year, the governor signed historic tax-reform legislation that fundamentally restructured the state’s tax code. Reforms including restructuring the individual income tax, which had a top rate of 7.75 percent, first to a single 5.8 percent rate and finally, in 2015, to a single rate of 5.75 percent.
“That’s important to our members because many small-business owners pay taxes at the individual rate.
“The corporate tax rate, meanwhile, has been reduced from 6.9 percent to 6 percent with potential trigger cuts that could take it down to 3 percent by 2017.
“On top of that, Governor McCrory signed a bill this summer repealing local privilege taxes beginning in 2015. Today, over 300 cities around the state require businesses to pay this onerous tax for the ‘privilege’ of doing business there. Repealing this tax is going to save small businesses an estimated $62 million a year.
“So, on behalf of our 8,000 dues-paying members, I want to thank Speaker Tillis, President Berger and Governor McCrory for doing so much, so quickly, to encourage small businesses to grow and create jobs and help North Carolina prosper.”
 

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