As the ball drops to mark the new year, North Carolina will lower corporate taxes for 2015.
Beginning in 2015, North Carolina’s lower corporate taxes will have a 5 percent difference from the current rate of 6 percent as a result of a tax overhaul passed in 2013, according to Triangle Business Journal.
The bill was scheduled to take effect over the course of three years.
The news source continued, noting that if net general tax collections in the year ending June 30 exceed $20.2 billion, the rate could potentially come down even further, to 4 percent. If certain targets are met in the following year, they could fall to 3 percent. The state also cut the rate on individual income to 5.75 percent from the already lowered rate of 5.8 percent.
North Carolina broadened the sales tax base in order to account for lost revenues, most notably on entertainment, according to the Fay Observer. These changes went into effect on Jan. 1, 2014. Meanwhile, Republican lawmakers also took away breaks to cab drivers and Hollywood studios shooting in the state.
In the past, taxi drivers were able to claim a quarterly refund on the gasoline excise tax – this will no longer be available, the news source reported. A 25 percent tax credit for TV and film production in the state is being allowed to expire in favor of a grant program being enacted in 2015. This 25 percent tax credit allowed producers to forego $61 million in state taxes in 2013, but such credits are also a major factor in determining where studios will cite theirs.
Do you as a business owner have any thoughts or insights in terms of a legal perspective regarding the lowering of corporate taxes? If so, please feel free to contact one the Scarinci Hollenbeck attorneys.
Common Causes of Partnership Disputes and How to Resolve Them
Business partnerships, much like marriages, function exceptionally well when partners are aligned but can become challenging when disagreements arise. Partnership disputes often stem from conflicts over business strategy, financial management, and unclear role definitions among partners. Understanding Business Partnership Conflicts Partnership conflicts place significant stress on businesses, making proactive measures essential. Partnerships should establish detailed […]
Businesses Are Facing Financial Headwinds—A Practical Guide
*** The original article was featured on Bloomberg Tax, April 28, 2025 — As a tax attorney who spends much of my time helping people and companies who have large, unresolved issues with the IRS or one or more state tax departments, it often occurs to me that the best service that I can provide […]
President Trump's Termination of Member Gwynne Wilcox
On January 28, 2025, the Trump Administration terminated Gwynne Wilcox from her position as a Member of the National Labor Relations Board (NLRB or the Board). Gwynne Wilcox, a union side lawyer for Levy Ratner, was confirmed to the Board for an original term in 2021 and confirmed again for a successive five-year term expiring […]
Breach of Contract Explained: Types and Consequences
Breach of contract disputes are the most common type of business litigation. Therefore, nearly all New York and New Jersey businesses will likely have to deal with a contract dispute at least once. Understanding when to file a breach of contract lawsuit and how long you have to sue for breach of contract is essential […]
How to Dissolve a Corporation in New Jersey: A Step-by-Step Guide
Closing your business can be a difficult and challenging task. For corporations, the process includes formal approval of the dissolution, winding up operations, resolving tax liabilities, and filing all required paperwork. Whether you need to understand how to dissolve a corporation in New York or New Jersey, it’s imperative to take all of the proper […]
Gross Lease vs. Net Lease: Understanding the Key Differences
Commercial leases can take a variety of forms, which is often confusing for both landlords and tenants. Understanding the different types, especially the gross lease structure, is important when selecting the lease that best suits your needs. One key distinction between lease types is how rent is calculated and paid. This article addresses the two […]
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!
