Triangle Business Journal Reporting
“The final numbers are in, and it appears the corporate tax rate is going down.
Gov. Pat McCrory’s office reported Tuesday that final figures for the fiscal year that ended June 30 show the state has a $445 million revenue surplus. That’s enough to trigger automatic cuts to the corporate tax rate under the tax reform package adopted in 2013, McCrory says.
The law requires that the corporate tax rate be lowered by 1 percent if tax revenues exceed $20.2 billion by the end of the 2014-15 fiscal year. The reduction will take effect Jan. 1 and will bring the state’s rate to 4 percent.
The rate would drop by an additional 1 percent if tax revenues reach $20.96 million by the end of the 2015-16 fiscal year. If both targets are reached, the rate would be 3 percent in 2017.”
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