Under a tax package being considered by GOP leadership, NC’s state tax returns could become much easier and simplified in addition to individual income tax rates being lowered.
Legislative leaders are finalizing a proposal they hope will create jobs by putting money back into the hands of business owners and individuals, providing better certainty when it comes to their tax returns. House Speaker Thom Tillis (R-Mecklenburg) said they are considering changes that would reduce the calculations needed to determine someone’s taxable income and eliminate some individual tax credits. A decrease in the corporate income rate is also possible but it may be placed in another bill.
The package is expected to lower rates across the board including exempting the first $50,000 of small business income. It is likely to roll out as early as next week.