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.