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Daily Tax Report: State

North Carolina Governor Rejects Franchise Tax Cuts

Nov. 8, 2019, 4:06 PM

North Carolina Gov. Roy Cooper (D) vetoed a bill (S.B. 578) that would have reduced the state’s franchise tax rate and expanded film grants.

  • Cooper said the legislation “prioritizes corporate tax cuts over investments in education and would further erode state revenue at the same time the General Assembly is underinvesting in schools.” He also said in announcing his veto Nov. 8 that the measure doesn’t include necessary funding provisions for the film grant program.
  • For most businesses in the state, the franchise tax levy is $1.50 per $1,000 of net worth with a minimum tax of $200....
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