North Carolina Gov. Roy Cooper is proposing to keep the current income tax rates for corporations and high-income individuals, rather than having them decline as scheduled.
In his final budget proposal as governor, the term-limited Democrat recommended maintaining the corporate rate at 2.5%, instead of having it phase out by 2030 as directed by 2021 legislation. The law currently schedules reductions to 2.25% in 2025, 2% in 2026 and 2027, and 1% in 2028 and 2029.
“North Carolina already has the lowest corporate income tax rate among all states with a corporate income tax, and decreasing the tax ...
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