Changes To State Tax Laws Begin On Jan. 1-Brevard NC
Last updated 12/30/2013 at 9:28am
North Carolina will see changes to several state laws in 2014, including changes to tax law and laws relating to election spending and transparency.
As of Jan. 1, 2014, personal state income taxes, which currently range from 6 to 7.75 percent depending on annual salary, will be reduced to a flat rate of 5.8 percent, with a further reduction to 5.75 percent in 2015.
Corporate income tax rates will be reduced from 6.9 percent to 6 percent. That rate will drop to 5 percent in 2015 and if revenue targets are met the rate will be reduced even further to 4 percent in 2016 and 3 percent in 2017.