Senate tax reform bill headed for vote - WSFX - FOX Wilmington, NC

Senate tax reform bill headed for vote

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The state Senate is expected to take a first floor vote Thursday on the Republican-led tax reform plan The state Senate is expected to take a first floor vote Thursday on the Republican-led tax reform plan

 

RALEIGH, N.C. (AP) - The North Carolina Senate is advancing a tax overhaul that repeals corporate income taxes without a major expansion of sales taxes.

The bill that the Senate Finance Committee endorsed Wednesday also lowers income rates and repeals local sales taxes on food. The chamber's first plan lowered rates on corporations but greatly expanded sales taxes.

Critics argue billions in tax cuts will largely benefit the wealthy and force local governments to raise property taxes to recoup lost revenue.

The sponsor of the Senate's first tax overhaul proposal said the new plan isn't true reform because it doesn't add more sales taxes for services.

Backers of the plan point to analysis that shows the state would become far more attractive to business.

The bill is expected to reach the Senate floor Thursday.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

 

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