NC Senate to debate compromise tax overhaul

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by Associated Press

WCNC.com

Posted on June 13, 2013 at 9:47 AM

RALEIGH, N.C. (AP) -- The North Carolina Senate is taking up a tax overhaul plan that eventually repeals corporate taxes without major sales tax additions.
 
The Senate will take the first of two votes Thursday on a bill that Republicans say will boost the state's competitiveness. The latest proposal eliminates some sales tax exemptions but does not make broad new additions like the initial plan did.
 
Local sales taxes on food also would be repealed. Individual counties could push to maintain them.
 
Opponents argue billions in tax cuts will largely benefit the wealthy and drastically reduce state services. Local governments warn that the plan will either require steep cuts in services or higher property taxes.
 
If approved, the bill would need a final vote later. The House already passed a different plan.
 

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