Negotiations on a tax overhaul plan probably will require the General Assembly to pass a stop-gap spending measure to keep funding North Carolina state government into the new fiscal year, House leaders said Thursday.
House Speaker Thom Tillis, R-Mecklenburg, told colleagues that he and Senate Republican leaders have agreed that legislation called a “continuing resolution” likely will be debated next week.
The current fiscal year ends June 30. Continuing resolutions in previous years only lasted a couple of weeks, giving legislators more time to work out differences with competing budget bills and passing a final one for the governor’s signature.
The House’s latest tax offer to the Senate would reduce the corporate income tax rate more quickly compared to the package the chamber approved two weeks ago and agrees to the Senate’s position on the future of several sales tax exemptions, according to documents obtained by The Associated Press. The House offer would still retain the 2 percent local tax on groceries. The Senate wants to eliminate it.