North Carolina is a leader in tax reform. North Carolina’s corporate tax rate has been reduced from 6.9% to 2.5% since 2013, and will be phased out completely by 2030. In addition, North Carolina’s individual income tax rate has been reduced from 7.75% to 4.99% over the last decade. Thanks to Republican leadership and legislation, North Carolina continues to improve on tax reform policies.
Senior Co-Chair of the NC House Finance Committee Representative John Szoka introduced HB 83- Eliminate Income Tax for Military Retirees which would exempt entire military retiree pay from state income taxes for veterans.
Representative John Bradford, also Senior Co-Chair of the NC House Finance Committee, supports lower taxes so more money is returned to hardworking individuals and to create new economic opportunities for everyone. “Reducing taxes for both personal income tax and corporate income tax are additional catalysts for a strong economy. Hardworking families and business owners, not government, can make much better investment and spending decisions with their money. Tax reform is yet another reason NC is one of the most sought after states to live, work, and play.” stated Representative John R Bradford, III.
Rep. Mitchell Setzer, the third Senior Finance Co-Chair, has spent over a decade working on tax reforms in North Carolina, guiding many of North Carolina’s pro-growth policies.
