State Budget Eliminates Uncertainty for Small Businesses

Date: September 22, 2023

The two-year spending plan also includes $786 million in tax cuts

NFIB State Director Gregg Thompson released the following statement in response to the General Assembly’s final vote approving the $30.9 billion biannual state budget:

“Our small business members understand that legislators were wrestling with a lot of big issues, but Main Street needs predictability. This eliminates a lot of uncertainty for Main Street.

“Without a state budget, it was hard for a lot of owners to plan ahead. Our members couldn’t be sure how much they’d need to pay in taxes, and that affected business decisions such as whether to replace old equipment or add positions.

“This budget is not only to make it easier for owners to plan ahead, but it’s also going to relieve some of the financial pressure they’re under by cutting taxes $134 million in the first year and $652 million in the second. We’re especially grateful to the General Assembly for reducing the individual income tax. The vast majority of small businesses in North Carolina are organized as pass-through entities, meaning the profits pass through the business to the owner, who pays taxes at the individual tax rate.

“This is going to make it a lot easier for owners to operate and grow their businesses.”

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