The members of the General Assembly want to have a budget in place by the end of June - sooner if possible. For that to happen a lot of bills must move through both houses and a lot of conference committees must meet. H.998 was introduced in to the house today and it has several porposals of which you should aware. It sets the personal income tax rate at a flat 5.9%. It increases the standard deductions for everyone. It also does away with several other deductions and decouples from federal accelerated depreciation and expensing.
It lowers the corporate income tax to 6.9% beginning in 2014 and further decreased the corporate income tax to 5.4% by 2018.
A privilege tax of 4.75% is applied to all tickets sold for an entertainment event (concert, movie, museum, exhibit, athletic contest, etc.) as well as to service contracts.
If you want to get a feel for the proposal here is the link. H.998. I told the Kings Mountain Advisory Council today that things would move very fast in the state legislature. Buckle your seat belts and hang on. We are in a race to the finish. Let's see how it ends.
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