North Carolina Budget Compromise
by CCED, on 10/6/15 4:53 PM
Recently, the North Carolina Budget Compromise Bill was released. Although the bill came out two months later than expected, the positive effects that is has on businesses in North Carolina made it well worth the wait.
Some of the pro-business economic development highlights:
- Phases in Single Sales Factor Apportionment for corporate assessment. (Manufacturers and other larger companies like this change.)
- Modifies the Corporate Income Tax Rate Reduction Trigger down to 3% when the General Fund Tax reaches $20,975,000 regardless of year.
- Cuts personal income taxes by trimming the individual income tax rate from 5.75% to 5.499%. The bill also expands the standard deduction on which taxpayers pay no tax.
- Provides $13.6 million for the Biotechnology Center
- Film Grant: triple the fund to $30 million a year, TV shows would be eligible for more generous awards through the film production grant program. The cap for a TV series would increase from $5 million to $9 million.
Businesses in neighboring states such as Virginia, Georgia and Tennessee should take time to compare what their home state offers and consider whether a short move across the border makes sense for their long term goals.
Thinking about moving your business to a better location? Our FREE eBook can help you decide if North Carolina is the right move for you.