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.
Crisis-Proofing Your New Jersey Business: Building a Crisis Response Plan Before You Need One
For New Jersey businesses, crisis preparedness should be viewed as a legal and operational function, not simply an emergency-management exercise. A well-designed crisis response plan can help preserve evidence, protect confidential communications, meet reporting obligations, limit unnecessary exposure, and prevent an already difficult situation from becoming a larger legal problem. Key Takeaways A serious crisis […]
Monmouth County's Next Development Wave: What Developers and Investors Need to Know
Monmouth County is entering a significant new phase of development. For those looking to acquire property or undertake a new project, understanding the market opportunity is only the beginning. The more important question is whether a particular property can actually be developed as contemplated and what approvals, agreements, and other conditions will be required to […]
Are Your Conversations with AI Shielded from Discovery? Courts Are Split
Whether a client’s prompts to a generative AI tool and the documents it produces are protected from disclosure depends on the case type, who claims protection, and whether counsel was involved. In United States v. Heppner, a New York federal judge ruled that a criminal defendant’s communications with an AI platform were protected by neither […]
Guardianships in New Jersey: When a Loved One Can No Longer Manage Personal or Financial Affairs
When a family member can no longer make important decisions for themself, the question is often not whether the family will step in, but whether they have the legal authority to do so. A spouse may manage household finances, or an adult child may arrange medical care and pay bills. Still, informal assistance does not […]
New Jersey’s Revised UHAC Regulations: What Residential Developers Need to Know About Affordable Housing Commitments
New Jersey residential developers with affordable housing obligations should carefully review their existing approvals, development agreements, and proposed deed restrictions in light of the State’s revised UHAC regulations (Uniform Housing Affordability Controls). The regulations, which took effect on November 6, 2025, significantly change the administration and physical requirements for affordable housing units. For developers with […]
“No Comment” Culture: Why Silence Is Often the Riskiest Legal Strategy
A “no comment” response is sometimes the right call when a legal problem arises. As a blanket policy, however, it lets allegations go unanswered, deadlines pass, evidence disappear, and manageable disputes grow into expensive litigation. The businesses that fare best are usually the ones that say little publicly while acting decisively behind the scenes. When […]
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!
