Tax policy is de facto economic development policy, directly impacting North Carolina’s ability to attract, retain and create good jobs for residents and families. To maintain a tax code that maximizes the growth potential for our state’s job creators and the employees they support, the North Carolina Chamber consistently advocates for a state tax policy that focuses on five key principles – competitiveness, equity, efficiency, simplicity and certainty.
Prior to 2013, comprehensive reform of North Carolina’s tax code had not occurred since the 1930’s. The Tax Simplification and Reduction Act, passed during the 2013 session, catapulted North Carolina from 44th to 17th in the nation in the nonpartisan Tax Foundation’s competitive index of business tax climates. Subsequent reforms have raised our competitiveness even further (to 14th nationally), and once those reforms are fully phased in, North Carolina is expected to rise once again (to 13th). As we continue to see positive bottom line savings for job creators from these successful reforms, the North Carolina Chamber is committed to keeping our business tax code moving up the competitive leaderboard in the years ahead.
Click here to get the full details on tax reforms and the competitive growth they are bringing to North Carolina.
North Carolina’s costly mill machinery sales tax is an onerous tax forced upon North Carolina manufacturers and other companies that purchase mill machinery. At a taxation rate of 1 percent of the price of such machinery or $80, per taxed article (...
This week, the nonpartisan Tax Foundation released its annual “Facts & Figures 2017: How Does Your State Compare?” report, which outlines each of the 50 states’ tax climates. The report compares every state’s overall tax climate, corporat...
Since 2013, when state leaders began implementing a number of commonsense policy reforms to streamline our tax climate, North Carolina’s competitive tax standing has improved by leaps and bounds. Along with a reduced individual rate (not only impor...