The Senate Finance Committee easily approved a tax cut package that lowers personal and corporate income tax rates. GOP leaders are branding the effort as a “billion dollar, middle class tax cut.” Senate Bill 325 would lower personal income taxes for all income brackets and expand the standard deduction, which would remove tens of thousands of lower-income, tax filers from the rolls. Corporate income taxes would the be lowest among states that assess corporate income taxation.
Democrats say the economic impact of the Senate Bill 325 could total billions of dollars and could starve local communities of revenue. Durham County Senator Floyd McKissick spoke to the Senate Finance Committee.
The bill sits in the Senate Rules Committee. There has been speculation that Senate Bill 325 will be part of future House/Senate budget negotiations.