NC Senate Republicans To Pitch More State Tax Reductions
A key North Carolina state senator says Republicans in the chamber will pitch additional individual income tax reductions this spring. Sen. Paul Newton of Cabarrus County told The Associated Press on Monday that GOP leaders will present legislation that would decrease the state’s income tax rate of 5.25% to a hair under 5%. The measure also would increase the standard deductions for income tax filers. Republicans have been lowering the tax rate and increasing the deduction for several years. They credit those steps with boosting the state's fiscal health. Newton's bill is also expected to include efforts to reduce corporate franchise taxes.