The Senate passed H.998 (click here to read the bill) on second reading this afternoon. This is the House version of the tax reform bill. It does not tax any additional services and proposes a flat tax.on income over $15,000. It lowers the corporate income tax beginning in 2014 to 4%. In 2016 the corporate income tax will go to 2%. I was able to listen to some of the Senate floor debate and it was very heated at times. The third reading will be next Tuesday. I expect the bill will pass the Senate and go to a conference committee. This bill is much different than the bill proposed by Senator Bob Rucho, who submitted his resignation today as chairman of the Senate Finance Committee. Senator Rucho is very frustrated that the Senate leadership watered down his proposals. It is a very interesting time in Raleigh. Stay tuned for more.
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