SB 325; 2R - SB 325 Billion Dollar Middle Class Tax Cut

SB 325 Billion Dollar Middle Class Tax Cut – This bill reduces income taxes for virtually all taxpayers and provides tax relief to North Carolina businesses. Estimates project that total tax savings will exceed $1 billion in the next biennium, and grow in size in future years.

Changes include: a reduction in the personal income tax rate from 5.499% to 5.35%, an increase in the standard deduction; and cuts to the corporate income tax and a lowering and simplification of the state’s franchise tax.

Civitas Action supports reductions of the tax burden on individuals and businesses in order to scale back government’s intrusion of our lives, and to create more job opportunities and economic growth.

The conservative vote is yes.

Senate: RCS 54 (35-14)