NC Legislators Offered Tax Overhaul Options

A Washington-based conservative-leaning think tank is providing options to North Carolina elected officials on how to overhaul the tax system so that it says the state's tax climate would improve significantly.

The Tax Foundation released Monday a study commissioned by the Carolina Business Coalition, whose board includes former BB&T Corp. chief executive John Allison and ex-GlaxoWellcome CEO Bob Ingram.

The report highlights four ideas it says the General Assembly should consider, providing advantages and disadvantages to all. The options adjust state sales tax and individual income tax rates up and down and reduce or eliminate the corporate income taxes.

Republican legislative leaders say this year they want to modernize the tax system and lower income taxes or end them all together. The General Assembly reconvenes Wednesday.

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