North Carolina Senate Passes Franchise Tax Relief Bill

Companies doing business in North Carolina would receive more tax relief under bills advancing in the legislature.

The state Senate passed a bill (S.B. 622) late May 20 that would ease franchise taxes, among other changes. Similar provisions were included in the budget bill (H.B. 966) that passed the House earlier this month.

Businesses already have benefited from recent reductions in the corporate income tax rate approved by the state’s Republican-led legislature. For 2019, North Carolina’s rate is 2.5%, lowest among the states that levy such taxes. ...