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Last Action

Ref To Com On Rules, Calendar, and Operations of the House2025-03-06

Vote Breakdown

No floor votes recorded.

Plain Language Summary

This bill repeals a 2021 law that was gradually phasing out North Carolina's corporate income tax. By repealing the phaseout, the bill would maintain the current corporate income tax rate instead of allowing it to continue declining toward zero.

Arguments in Favor

• •Supporters argue this bill protects state revenue needed for schools, roads, healthcare, and other public services.
• •They contend that corporations should pay their fair share of taxes to fund the infrastructure and educated workforce they depend on, and that a phaseout would shift the tax burden onto individual taxpayers and small businesses that cannot easily relocate.

Arguments Against

• •Opponents argue that lower corporate taxes encourage business investment, job creation, and economic growth in North Carolina.
• •They contend that the original phaseout was a pro-growth policy that made the state more competitive with other states, and that repealing it could discourage companies from locating or expanding operations in North Carolina.