Kay Hobart wrote an article in Bloomberg Tax highlighting key aspects of tax changes the North Carolina legislature recently passed.
"In the waning hours of the long and contentious legislative session, the North Carolina General Assembly approved a number of significant state tax changes," Kay wrote. "Those changes are now headed to Gov. Roy Cooper (D), who has previously expressed opposition to a number of them—including a corporate rate cut in a tax many view as onerous."
"As ratified by the General Assembly," she continued, "S.B. 578 would reduce the corporate franchise tax and eliminate one method of calculating that tax. S.B. 557 would adopt 'market based sourcing' for purposes of apportioning the corporate income and franchise tax, require 'marketplace facilitators' to collect sales tax, expand the definition of 'holding company' for franchise tax purposes, and increase the standard deduction for individual income taxpayers."
Subscribers can read her full analysis here. Bloomberg Tax is one of the world's leading sources for tax news and analysis.