NC Senate's Budget Bill Clears Tax-Writing Committee

A North Carolina state government budget proposal written by Republicans that also would cut taxes by several billion dollars this decade has cleared the chamber’s finance committee. The panel’s approval of the measure Wednesday sets the stage for Senate floor debate Thursday and the first of two required votes. The bill would spend $25.7 billion in state funds next fiscal year. The measure also would reduce the individual income tax rate incrementally to just under 4% by 2026 and phase out the current 2.5% corporate tax starting in 2014.  Higher standard and per-child tax deductions also are included.