North Carolina legislators unveiled a complete budget agreement this afternoon that includes further tax relief for North Carolinians. After months of negotiations, legislative leadership reached an agreement that they will hold votes on later this week, ahead of the Friday deadline by which they must either pass a continuing resolution or approve a final budget.
The budget deal announced by House and Senate leaders includes reforms that will allow individuals, families, and employers across North Carolina to keep more of their earnings. The budget agreement announced today, if approved by Gov. Pat McCrory (R), reduces the individual income tax rate from 5.75 percent to 5.49 percent in 2017. This income tax cut will result in $2.8 billion in taxpayer savings over the next five years.
“I applaud Senate President Phil Berger and Speaker Tim Moore for reaching a budget deal that allows taxpayers to keep more of their hard-earned income,” said Grover Norquist, president of Americans for Tax Reform. “The new budget deal unveiled in Raleigh today, if signed into law, will build upon the successful tax reform act of 2013 and will ensure the North Carolina remains a national leader in tax reform.”
Caroline Anderegg is a state policy associate at Americans for Tax Reform, a policy research group based in Washington, D.C. that opposes all tax increases as a matter of principle. ATR was founded in 1985 by Grover Norquist at the request of President Ronald Reagan.