Under the Dome

May 27, 2014

NC Senate plan eliminates privilege taxes

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.

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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