NC: SENATE PASSES HUNDREDS OF MILLIONS IN TAX RELIEF FOR MIDDLE CLASS, SMALL BUSINESSES

 

The North Carolina Senate unanimously passed legislation Tuesday to provide an immediate $145 million tax cut this year and an additional $205 million tax cut next year mostly benefiting middle class families and small businesses.

The Middle Class Tax Relief Act, sponsored by Senate Finance Committee Chairmen Bob Rucho (R-Mecklenburg), Bill Rabon (R-Brunswick) and Jerry Tillman (R-Randolph), would increase the state’s zero percent tax bracket by more than 12 percent over the next two years. This means all North Carolina taxpayers, regardless of income, will pay no state income taxes on more of their earnings, as follows: 

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