North Carolina Senate Gives Final OK To $2B Tax-Cut Plan
A plan by North Carolina Senate Republicans to cut taxes by $2 billion over two years and give $1 billion in federal COVID-19 aid to business and nonprofits has cleared the chamber. Seven Democrats joined all Republicans present in voting 34-13 for the bill on Thursday. The bill received initial Senate approval on Wednesday. The bill now heads to the House. The two chambers are likely to work out a tax deal in budget negotiations this summer. The Senate plan would reduce the individual income tax rate and increase deductions. The corporate income tax would fall in 2024 and ultimately be eliminated in 2028.