A recent op-ed in Forbes puts North Carolina and Ohio head-to-head in a tax battle to determine which state implemented the most pro-jobs and competitive tax reforms. The article opens by stating, “In the competition among states to implement pro-growth tax reforms, North Carolina and Ohio illustrate the contrast between the bold and the timid.” North Carolina is declared the decisive victor, as legislation passed this year (House Bill 998) is expected to move the state from 44th to 17th place in the Tax Foundation’s State Business Tax Climate Index. “This is the largest rank improvement in the ten-year history of the Index and should lead to more job creation, capital formation, and higher wages for North Carolinians in the years ahead.” The op-ed goes on to contrast this real improvement with Ohio’s modest reforms passed in their budget. Read the full article here.
How does this impact you? North Carolina’s tax reform plan reduces the personal income tax level for all North Carolina taxpayers and cuts corporate taxes so North Carolina companies can create jobs and make the state more attractive to new businesses. This marks real savings for North Carolina’s job creators, both small and large. Over the next five years, employers are projected to save an estimated $2.11 billion if revenue targets are met (Source: H998 Legislative Fiscal Note). sincerely