Source: Dawn Baumgartner Vaughan, NEWS & OBSERVER, 10/23/19


The North Carolina Senate voted Wednesday to reduce the franchise tax, a step toward eliminating it entirely. The franchise tax is levied on corporations that do business in North Carolina. Republicans in the General Assembly want to eliminate the franchise tax, which they describe as a double property tax on businesses in North Carolina. While Republicans touted their latest tax cut as being good for business and jobs, Democrats worried about the loss of tax revenue, which would be about $1 billion over five years.

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