A New NC Loophole for Businesses Will Cost State $336 Million a Year

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Sunday, 03 June 2012 21:23

The News & Observer

By Dan Kane This e-mail address is being protected from spambots. You need JavaScript enabled to view it '; document.write( '' ); document.write( addy_text59251 ); document.write( '<\/a>' ); //--> This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Deep into last year’s legislative session, House Speaker Thom Tillis and Senate leader Phil Berger announced a budget deal after weeks of searing debate over education cuts and the repeal of a piece of the state’s sales tax.But one of the juiciest pieces of the agreement drew little scrutiny or debate: a tax break for owners of businesses that will cost $336 million a year, one of the largest tax cuts in a decade.Tillis and Berger, both Republicans, heralded the tax break as a “$50,000 exemption for small businesses – the backbone of North Carolina’s struggling economy.” But the exemption is not just for small businesses. There is no cap on the size of the business that can claim the exemption.

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A New NC Loophole for Businesses Will Cost State $336 Million a Year
Sunday, 03 June 2012
The News & Observer By Dan Kane�� This e-mail address is being protected from spambots. You need JavaScript enabled to view it Deep into last year’s legislative session, House Speaker Thom...

Chatham County (NC) Democratic Party - Official Site

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