NC Senate tax overhaul heading for floor vote - WSLS 10 NBC in Roanoke/Lynchburg Va

NC Senate tax overhaul heading for floor vote

Posted: Updated:
RALEIGH, N.C. -

The North Carolina Senate is advancing a tax overhaul that repeals corporate income taxes without a major expansion of sales taxes.

The bill that the Senate Finance Committee endorsed Wednesday also lowers income rates and repeals local sales taxes on food. The chamber's first plan lowered rates on corporations but greatly expanded sales taxes.

Critics argue billions in tax cuts will largely benefit the wealthy and force local governments to raise property taxes to recoup lost revenue.

The sponsor of the Senate's first tax overhaul proposal said the new plan isn't true reform because it doesn't add more sales taxes for services.

Backers of the plan point to analysis that shows the state would become far more attractive to business.

The bill is expected to reach the Senate floor Thursday.

  • Trending StoriesTrending StoriesMore>>

  • Largest companies by revenue in each state

    Largest companies by revenue in each state

    Thursday, July 10 2014 8:01 PM EDT2014-07-11 00:01:10 GMT
    Broadview Networks recently decided to find out the biggest -- by revenue -- company in each state in the US.The company used the Fortune 500 list to start with, but needed data by state, so it turned to Hoover's.With data from that company, they were able to search through each state's list of companies and then find the largest -- by revenue.Just flip through the list above and see who is the biggest in each state, what town they are based and their revenue.
    Broadview Networks recently decided to find out the biggest -- by revenue -- company in each state in the US.The company used the Fortune 500 list to start with, but needed data by state, so it turned to Hoover's.With data from that company, they were able to search through each state's list of companies and then find the largest -- by revenue.Just flip through the list above and see who is the biggest in each state, what town they are based and their revenue.
  • Parts of Durham once again flood as business owner looks for relief

    Parts of Durham once again flood as business owner looks for relief

    Monday, July 21 2014 10:20 PM EDT2014-07-22 02:20:30 GMT
    Several inches of rain created flooding in parts of Durham on Monday.
    Several inches of rain created flooding in parts of Durham on Monday.
  • Take Me To The King: A Book By Joel Wiggins

    Take Me To The King: A Book By Joel Wiggins

    Monday, July 21 2014 1:10 PM EDT2014-07-21 17:10:46 GMT
    Valonda Calloway and Joel WigginsValonda Calloway and Joel Wiggins
    Prepare to have the very core of what you’ve believed to be your foundational truths challenged. Get comfortable being uncomfortable in your thinking about traditional religion. And be okay with self-examination on a whole new level. Unlike the award-winning gospel smash, this Take Me To The King is NOT for entertainment purposes only and is definitely intended for spiritually mature audiences. Journey with author and successful entrepreneur, Joel Wiggins, as he explores the current state of ...
    Prepare to have the very core of what you’ve believed to be your foundational truths challenged. Get comfortable being uncomfortable in your thinking about traditional religion. And be okay with self-examination on a whole new level. Unlike the award-winning gospel smash, this Take Me To The King is NOT for entertainment purposes only and is definitely intended for spiritually mature audiences. Journey with author and successful entrepreneur, Joel Wiggins, as he explores the current state of ...
Powered by WorldNow

WSLS 10, P.O. Box 10
Roanoke, VA 24022-0010

Telephone: 540.981.9110
Fax: 540.343.3157
Email: news@wsls.com

Can't find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Media General Communications Holdings, LLC. A Media General Company.