$500 million in deductions added to NC tax plan
RALEIGH, NC (AP) — The North Carolina House Republicans’ tax plan is headed to the floor with an additional half billion dollars in deductions to help the real estate business.
The House Finance Committee took up the plan Tuesday. The proposal reduces individual and corporate income tax rates but charges sales taxes for more services. The plan is backed by Gov. Pat McCrory.
An amendment by Rep. Julie Howard of Mocksville lifts a $25,000 limit on mortgage or charitable deductions and restores a property tax exemption. Rep. David Lewis of Dunn said Howard’s amendment will require finding about $525 million to cover the changes, which will mean raising overall tax rates.
The amendment passed. The bill heads to the House floor Wednesday.
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