North Carolina Legislature Proposes Reducing Maximum Income Tax Rate

The North Carolina General Assembly enacted a law proposing to amend the state constitution. The law includes: 1) proposing to reduce the maximum allowable income tax rate from 7 percent to 3.5 percent; 2) submitting the proposed amendment to the voters for approval at the statewide general election to be held on Nov. 3, 2026; and 3) providing that if approved, the amendment would limit the maximum allowable individual and corporate income tax rate to 3.5 percent for taxable years beginning on or after Jan. 1, 2027. [S.B. 1080, enacted 05/21/26]

This story was produced by Bloomberg Tax Automation, and ...