North Carolina Tax Break For Business, Jobless Clears House

The North Carolina House has approved legislation that would provide several hundred million dollars in state income tax breaks for businesses and the unemployed. The bill received near unanimous support on Thursday and now heads to the Senate, where its future is unclear. The bill would give additional breaks to businesses by letting them deduct expenses paid for with proceeds from federal Paycheck Protection Program loans. The measure also would exempt from income taxes the first $10,200 of unemployment benefits that filers received in 2020. Federal income tax rules already permit both while providing financial assistance during the COVID-19 pandemic.