The state’s healthcare system, however, is ranked in the bottom 10.
N.C. Business Climate Continues Upward Trend
According to the Tax Foundation,
North Carolina’s tax reform efforts continue to pay off.
The organization’s 2017 State Business Tax Climate Index—based on
corporate, individual, income, sales, and unemployment insurance taxes—ranked
North Carolina at No. 11. North
Carolina began its business climate upswing in 2013 with a series of reforms,
including lowering the individual income tax rate to 5.499 percent by 2017
(from 7.75 percent), reducing the corporate tax rate to 4 percent (from 6.9
percent), repealing the estate tax, and implementing a higher tax deduction for
all. Now, the state’s 4 percent corporate tax rate is the lowest in the nation
and could even fall lower—to 3 percent in 2017—if revenue targets are met.
Scott Drenkard, the Tax
Foundation’s director of state projects, told the Winston-Salem
Journal, “North Carolina’s multi-year efforts at tax reform
continue to pay dividends for state tax competitiveness. The individual income
tax is finally settling in at a comparable rate to other states in the South.”
Gov. Pat McCrory also addressed
the ranking in a statement, saying that it “is further evidence that our
pro-growth tax reforms, paying off the $2.5 billion federal unemployment debt
ahead of schedule, and our excellent quality of life make North Carolina a
global destination for business.”
However, another aspect of North
Carolina’s climate has not received such a rosy outlook. According to a recent Wallet Hub survey, the state’s healthcare
system ranks 40th in the country. The survey took into account
access, cost, and outcome.
