Multistate Tax Alert: North Carolina Enacts Tax Bill
Changes to corporate income tax rate, individual income tax provisions and sales and use tax
On July 23, 2013, Governor Pat McCrory signed legislation, House Bill 998 (“H.B. 998”) in an effort to boost the state’s economy.1 The bill, known as the Tax Simplification and Reduction Act, provides changes to the corporate income tax, individual income tax, and sales and use tax. In this Tax Alert, we summarize the more significant provisions of H.B. 998 including the relevant effective dates.
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1 An Act to Simplify the North Carolina Tax Structure and to Reduce Individual and Business Tax Rates, General Assembly of North Carolina, Session 2013, House Bill 998 available at: http://www.ncga.state.nc.us/Sessions/2013/Bills/House/HTML/H998v8.html