Here’s a look at some of our recent victories in the 2020 General Assembly:
PPP (Paycheck Protection Program) Deductions
NFIB’s efforts got money into the state budget to allow NC business owners who received PPP funds in 2020 to be able to deduct their businesses’ expenses.
Major Tax Reform Efforts
· Increased the zero-tax bracket—the amount of income on which people pay no income tax from $12,750 to $25,500 for married couples, and up from $10,750 to $21,500 for single tax earners
· Cut personal income tax from 5.25% to 3.99% over six years, including cutting the rate to 4.99% beginning in January 2022
· Ensured that the corporate tax rate be reduced from 6.9% to 2.5%
· Franchise tax will be phased out beginning with a 25% reduction
· Repealed the “death tax” saving family business
Trucker Shortage and Supply Chain Issues
Supported legislation in NC to recruit and train more drivers, which will help with supply chain issues.
Supported by NFIB, Commissioner Mike Causey reduced rates by 17.2% across the board and defeated the requirement for everyone who is employed to carry Workers’ Compensation.