N.C. Senate Gives Tentative OK To Tax Overhaul
The North Carolina Senate tentatively passed a bill today to overhaul the state's tax code.
The Senate worked through four earlier versions of a tax overhaul before settling on this one. The fifth edition is much closer to the bill that passed the House, and Senate Republican Leader Phil Berger says that's the point.
"There's been a good deal of work done on trying to find some common ground on where the Senate was and where the House has been," Berger said on the Senate floor Tuesday.
But the bill still cuts more taxes than its House counterpart. The individual income tax rate would drop to 5.75 percent for everyone. That's lower than what anyone currently pays. And the corporate income tax rate would be eliminated over five years.
The bill broadens the sales tax base in a way that's similar to the House version. It would charge sales tax on things like movie and concert tickets.
The Senate is scheduled to take a final vote on its bill Wednesday. If it passes, the House then needs to decide whether to approve it as is or create a conference committee to work out the differences.