N.C. Senate unveils proposal to lower corporate income taxes (Raleigh: sales, 2013)

[SunnyKayak]

A proposal in the N.C. Senate would lower the state's corporate tax rate from 6.9% to 6% gradually through 2016 and eventually impose the tax only on a company's sales in North Carolina -- and not its business’s property and payroll in the state.

The corporate tax cuts are expected to cost the state $345 million by the time they are fully implemented in fiscal year 2017-2018.

Read more here:

RALEIGH: Corporate tax breaks rolled out in NC Senate committee | State Politics | NewsObserver.com

[Rdanville]

Good idea. Corporations don't 'pay' taxes they just collect it from their customers. You and me.

[MrRational]

Originally Posted by SunnyKayak

A proposal in the N.C. Senate would lower the state's corporate tax rate from 6.9% to 6% gradually through 2016 and eventually impose the tax only on a company's sales in North Carolina -- and not its business’s property and payroll in the state.

Is that correct? A tax on gross sales at the corp level?
Or is it meant to be net profits from operations (aka "income")?

Assuming the latter...

[SunnyKayak]

The article didnt clarify or made it better to understand . :O

[arbyunc]

Originally Posted by Rdanville

Good idea. Corporations don't 'pay' taxes they just collect it from their customers. You and me.

Yeah, I'm sure prices will come down if this happens.


Not.

[WFW&P]

So what is being said here is by 2016 corporate income will have increased by 0.9% without having to do anything.

[lkm370]

Study after study has shown that lowering corporate taxes does not result in more business or lower prices. But keep at it I guess

[SunnyKayak]

Now instead of dropping the corporation tax rate to 6 % another lawmaker wants to drop it to 4.9% from this highest in South East to the lowest and some want to eventually eliminate it all together.
There is no plan to make up the lost revenue.

Bill would drop N.C. corporate income tax from highest to lowest in Southeast - Winston-Salem Journal: Local

[theoldnorthstate]

guess the plan is to get more jobs in state.

[SunnyKayak]

Originally Posted by theoldnorthstate

guess the plan is to get more jobs in state.

That was McCrory is touting but have companies chosen South Carolina over rest of the South East base on corporate income tax.
I think BMW auto plant and Red Ventures chose SC base on incentives just my opinion.