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North Carolina Prospers with Better Business Tax Climate

After a year of tax reform implementation in North Carolina, the business tax climate dramatically improved, so much so, that the Tax Foundation has called the change from a rank of 44 to 16 “the single largest rank jump in the history of the Index.”

Tax Foundation uses five basic criteria to develop its rankings: corporate taxes, individual income taxes, sales taxes, unemployment insurance taxes, and property taxes.

 

Tax foundation 2014 projections 3

North Carolina’s ranks for the past few years showed the state in an unhealthy range of 45th and 44th place between 2012 to 2014. However, in the summer of 2013, the state legislature passed historic tax reform including reducing individual income tax from a top rate of 7.75 percent to a rate of 5.8 percent with a standard deduction of $7,500.

Corporate income taxes also fell from 6.9 percent to 6 percent with the possibility of 3 percent by 2017. And sales tax filing was simplified for all localities, which improved this score from 47th to 33rd.

The report bases its 2015 figures on the beginning of Fiscal Year 2015, which was July 1, 2014.

As reforms phase in over successive years, the outlook for North Carolina’s tax climate will most likely continue to improve.

Click here to view the full report

Map image from Tax Foundation; Featured image from Shutterstock

Categories: Must Read, News, Policy, Taxes
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