North Carolina corporate tax changes that go into effect Jan. 1

This is good for NC but it would be better if SMALL BUSINESSES received a break!


Bill Nelson, a partner at Smith Anderson law firm in Raleigh, predicts a lower corporate tax rate will further incentive businesses looking to expand in North Carolina.“The 3 percent corporate rate will give North Carolina the lowest corporate rate of any state that levies a corporate income tax rate,” he says.

“It will make us much more competitive.”But this particular rate drop has limits, points out H. Lee Miller, a certified public accountant with a practice in Raleigh.“That’s only corporate income taxes, not for people who are still self-employed,” he says.While personal income tax will take a dip Jan. 1, dropping from 5.75 percent to just under 5.5 percent, “you’re still having the corporations paying a lower income tax rate than individuals, and on top of that, individuals have to pay sales tax as well,” Miller says. And that includes taxes on certain services, such as automotive repairs, enacted last March.

Source: North Carolina tax changes that go into effect Jan. 1, 2017 – Triangle Business Journal

Author: Lisa the Infidel

I am an #Infidel - born and bred North Carolina.

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