NC Senate plan eliminates privilege taxes

05/27/2014 10:02 PM

02/15/2015 11:23 AM

The gulf between Republicans in the House and Senate on the tax bill opened wide Tuesday.

The Senate debuted a measure that would prohibit North Carolina towns and cities from charging local businesses privilege taxes in 2015 – not just cap it at $100 as the House proposed.

It would cost cities a combined $62 million a year, a legislative fiscal analysis suggest, far more than the House measure that many local leaders oppose.

It won approval in a rare late Senate Finance Committee meeting. The measure also creates a new excise tax on the nicotine cartridges for electronic cigarettes and eliminates a House tax break for people who buy manufactured or modular homes.

Read more here.

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