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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