The North Carolina General Assembly on Friday advanced a long-delayed budget that accelerates cuts to the state’s personal income tax and modifies the franchise tax.
Lawmakers voted to adopt a state budget, more than two months into the current fiscal year, moving up scheduled personal income tax reductions by one year. The state’s income tax will drop to 4.5% in 2024, from 4.6%, then to 4.25% in 2025 and 3.99% in 2026. The state Senate passed the bill 26-17 Friday morning, hours after the House’s 70-40 vote shortly after midnight.
Gov. Roy Cooper (D) said in a statement ...
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