NC Senate expected to take final tax overhaul vote
RALEIGH, NC (AP) — The North Carolina Senate is set to pass tax overhaul legislation that gradually repeals corporate taxes and lowers individual income rates.
The Senate is scheduled to vote Tuesday on a plan that tentatively passed last week mostly along party lines. The plan cuts taxes by billions but doesn’t include a major rewrite of the sales tax code, which led the author of a more comprehensive plan to resign his post as Senate finance co-chairman in protest.
The plan has been attacked from the right as not far-reaching enough and from the left as a major drain on state resources.
Senate lawmakers will likely have to meet with their House counterparts to reach a compromise on their separate tax plans.
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