Tax & Accounting Blog

NC Governor’s Budget Includes Making the Temporary Tax Hike a Permanent Fixture

Indirect Tax, Sales and Use Tax March 16, 2011

The proposed budget for North Carolina includes making the temporary state tax increase permanent. In addition, 10,000  state jobs would be eliminated and the corporate income tax rate is to be significantly lowered.

In exchange for making the sales tax increase permanent, it would be lowered to 0.75 percent (it is currently a 1 percent sales tax increase). The temporary tax increase is set to expire 30 June.

We will continue to monitor the North Carolina budget concerns and post updates as they become available.