House Bill 92 (S228) Repeal of the Land Transfer Tax, has been ratified and sent to the Governor for her signature. This may help in getting the real estate business moving again. Let's hope so.
On another front, there is talk of pending legislation that would do away with the Golden Leaf Foundation. As most of you know, this foundation dispenses the tobacco settlement money and is a major player in North Carolina's economic development efforts. The name of the game in the ecomonic development world is incentives and Golden Leaf has been instrimental in making sure we can play the game. I think it would be a bad move to abolish the foundation and divert the money to the general fund. It may help in the short run but it doesn't solve the long run problem of spending more than you bring in. After the tobacco money is gone we will have to look to other means to balance the budget. Bring jobs to North Carolina is one of the best things we can do to help our budget problems. More jobs=more taxes. Let's hope this proposed bill never sees the calendar.
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