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NC House Passes $18.6 Budget Proposal
The state House passed its version of a budget proposal and finance package shortly after midnight on June 13th. The budget proposal includes $784 million in new taxes, $85 million in increased government fees and $3.5 billion in cuts to state government services.
Click here to learn more about provisions with the House budget proposal
Click Here to read a News & Observer opinion piece by NC Chamber Chairman, Robert Stolz addressing the Chamber's position on tax changes under consideration by the NC General Assembly.
U.S. Senator Richard Burr Receives Legislative Excellence Award
Senator Burr was presented the National Association of Manufacturers’ 2009 Legislative Excellence Award at the North Carolina Chamber’s 3rd Annual Manufacturing Summit on June 8th. Senator Burr addressed the Chamber’s audience about the broad policy changes to how energy is delivered and used being debated in Washington, D.C. Click here to read the entire story, as well as view Senator Burr’s interview.
Chamber Emphasizes Importance of Manufacturing to the State
The North Carolina Chamber sent a letter to members of the NC General Assembly on June 1, emphasizing manufacturing’s important role in our state’s economy and future. The letter urged lawmakers to keep manufacturing top-of-mind as they make critical decisions about the state budget and consider significant changes to our state’s tax structure and legal climate.
Click here to read the letter to NC legislators.
Click here to read an article from NCMagazine.com about manufacturing’s future in our state.
NC Senate Releases Tax Reform Proposal
On April 22nd, the NC Senate unveiled a comprehensive proposal to overhaul North Carolina’s tax system and raise over $1 billion over two years to address the state’s projected revenue shortfall. The Senate’s proposal is very broad and complex and it’s unclear yet what its impact on North Carolina employers would be overall. Key provisions of the proposal include: 1) Lowering personal income tax rates, but expanding the tax base to federal Adjusted Gross Income and limiting credits and deductions 2) Lowering the corporate income tax rate from 6.9% to 4.5% over two years 3) Expanding the franchise tax to all limited liability businesses 4) Lowering the state sales tax rate from 4.75% to 4% and broadening the base to additional services and 5) Increasing excise taxes on alcohol and tobacco.
Click here to review the complete NC Senate tax reform proposal released on April 22, 2009.
NC Senate Passes Budget Proposal
Click here to read more.
State Chamber Responds to
Governor's Budget Proposal
"We appreciate the governor’s focus on economic recovery and education, both top priorities of our Chamber’s employer members, as well as the government belt-tightening that is both appropriate and necessary in this uniquely challenging economic environment." Click here to read more.
How competitive is North Carolina?
Click here to find out!
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