North Carolina Lawmakers Override Budget Veto, Retaining Tax Cuts

North Carolina lawmakers have enacted a budget that includes tax cuts set for 2019, overriding the veto of Gov. Roy Cooper (D).

The $23.9 billion appropriations measure for the fiscal year that begins July 1 (S.B. 99) maintains corporate and personal income tax rate reductions that the governor sought to block. The measure also includes certain language conforming the state with some recent federal tax code changes.

Budget legislation enacted last year lowers the current 3 percent corporate tax rate to 2.5 percent in 2019 and drops the personal income tax rate from 5.499 percent to 5.25 percent ...