North Carolina enacts significant tax changes

July 2013

Overview

On July 23, 2013, North Carolina enacted significant tax changes that include reducing individual and corporate income tax rates, extending the research and development credit, allowing the sunset of certain credits, and providing sales tax changes. Certain tax reform items that did not make it into the bill, such as a broad expansion of the sales tax base, changes to the corporate franchise tax, and net operating loss considerations, will be studied by a committee following the close of the legislative session.  North Carolina taxpayers should be aware of the income tax rate and other changes generally effective January 1, 2014. [H.B. 998, signed 7/23/13)]

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