RALEIGH, N.C. (AP) – Senate Republicans are ready to take their tax-cut package to the chamber floor for a vote.
The Senate scheduled debate Tuesday on a measure that would reduce tax revenues for the state by more than $1 billion through mid-2019.
Most taxpayer savings would occur by reducing personal income tax rates and increasing the amounts of wage-earner income not subject to income taxes. The corporate rate – already the lowest in the nation among states with such a tax – would fall from 3 percent to 2.5 percent.
The state is on track for a revenue surplus this year, and bill sponsors say taxpayers should benefit from that. Democrats argue tax cuts going back to 2013 already keep the state from adequately funding public schools and other needs.