NC continues to shine in business climate rankings, but uneven track record on social issues remains an obstacle | Local

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HB334 would also reduce state income tax from 5.25% to 4.99%, while the child tax deduction would increase by $ 500 to a maximum of $ 3,000 per year for families who are claiming the federal child tax credit.

The personal income tax deduction would drop from $ 21,500 to $ 25,000 for a married couple, from $ 16,125 to $ 19,125 for a head of household and from $ 10,750 to $ 12,750 for taxpayers single people. These changes would take effect on January 1.

Senator Wiley Nickel, D-Wake, wasted no time criticizing the proposal to eliminate corporate tax.

“At a time when companies are making record profits and wealth and income inequalities are at their highest, they still hope to cut taxes for the rich and big business,” Nickel said.

“The Republican tax plan will continue North Carolina’s race to the bottom in public education.

“One of the main reasons businesses continue to choose North Carolina is our educated workforce, but this budget will put that at risk.”

The legacy of HB2

Cohn said North Carolina could still recover from what he called “a hangover from House Bill 2”.

HB2 was passed by the Republican legislative majority in March 2016 and quickly promulgated by McCrory.

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