NC Lawmakers Urged To End Tax Credit Incentives

A group of North Carolina legislators wants to eliminate tax credits for businesses and expand cash incentives instead.

A committee of North Carolina House and Senate members studying the state's economic development incentives also on Wednesday recommended lowering the state's corporate income tax rate. The
group wants it reduced from 6.9 percent to 6.6 percent by 2013.

A University of North Carolina study released last week found that tax credits originally approved in the 1990s don't work anymore because they no longer create jobs. The report said incentives expanded by then-Gov. Mike Easley are more useful. They include paying cash to companies for creating jobs.

The panel's findings now go to the full General Assembly, which would have to approve any changes.

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  • by Kimo Location: Belhaven on Jan 22, 2009 at 06:14 AM
    They got it half right. What we need to do is eliminate the incentives. Forget the handouts. I firmly believe that all of us who have worked for the money that these idiot politicians want to give away could do a much better job in determining where it should be spent. We need to get rid of all the so called incentives. All of 'em!!! Maybe we need to do the same for the free spending (with other people's money)politicians too!!!
  • by WHOS FAULT??? Location: GREENVILLE on Jan 21, 2009 at 11:32 PM
    paying businesses to give us jobs? sounds like trickle down welfare to me. the businesses are just the middlemen.
  • by VBush Location: MHCY on Jan 21, 2009 at 07:29 PM
    Here we go, more moves that will no doubt choke business. Another 'we are smarter than the people move'. 'We know how to spend your money better than you do'. More businesses will leave the state and the nation to produce their products in other countries due extreme taxation and over regulation. I wonder if they will use our own military against us when the anarchy begins?

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