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NC Senate initially approves omnibus tax bill

Associated Press

RALEIGH, NC (AP) — The North Carolina Senate’s version of an omnibus tax bill has remained intact after Democratic amendments were defeated, including one that would have lifted the scheduled repeal of certain municipal business taxes next summer.

The Senate gave tentative approval Wednesday to the wide-ranging legislation tweaking several portions of the 2013 tax overhaul but also levying an excise tax on electronic cigarettes.

The Senate bill would eliminate local privilege license taxes starting July 1, 2015. The House version of the bill approved last week replaces them with a tax capped at $100 per business.

Towns and cities are worried they’d lose more than $62 million annually with a full repeal.

Democratic Sen. Joel Ford offered an amendment that would create a three-tiered taxing scheme based on a company’s number of employees.

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)


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