House Bill 334, JOBS Grant and Tax Relief, builds on the tax reforms of the last decade by decreasing the tax burden for North Carolina families and businesses in a responsible manner. North Carolinians should be able to keep as much of their own money as possible. Civitas Action believes the vote for freedom is a vote YES on HB334.
This bill increases the standard deduction, increases the child tax credit, simplifies the state franchise tax, and reduces the corporate income tax over the next 5 years until its eventual repeal in 2028. The bill also includes a grant program for businesses affected by the pandemic.
This tax proposal acknowledges the fact that all tax revenue belongs first and foremost to the North Carolinians who produce it. The state should steward the tax revenue it collects in the most responsible way, including reducing the tax burden when feasible to continue to fund the core functions of government. By lowering taxes on North Carolina businesses, this plan acknowledges the economic benefits that come from job creation and wage increases. By lowering the tax burden of North Carolina families, this plan recognizes that people can spend their own money better than the government can.
This tax reform package makes progress towards creating an environment for economic prosperity in North Carolina. For that reason, Civitas Action believes the vote to expand freedom is a vote YES on HB334.
Civitas Action will grade the Second Reading floor vote on this legislation in the House or Senate.
Civitas Action is a 501(c)(4) non-profit that educates and informs North Carolinians on policy issues and the actions of their elected officials.