Income tax cut

Details on how state lawmakers will pay for their proposed $21.3 billion budget were finally made public late Wednesday night.  

Fiscal Research Division

Last year’s cut of the personal income tax rate is costing North Carolina far more than originally projected.  This according to new figures released by the General Assembly’s Fiscal Research Division.

Alan Cleaver / Flickr

The North Carolina House tentatively passed its version of a tax overhaul Friday. The Republican bill is one of three major tax overhauls the General Assembly is considering. 

Republicans and some Democrats in the state legislature agree North Carolina needs to do something about its tax code. The current one is based off a model from the Great Depression, and it includes the highest income tax rates in the Southeast.