State’s Top Business Advocate Pleased to See Franchise Tax Reduced, Child Care Considered, Regulatory Burdens Prohibited
The NC Chamber is pleased to see Chamber-backed policies included in the budget released by the N.C. House yesterday.
The NC Chamber wants our tax rates, both personal and corporate, to be the most competitive. Right now, the biggest challenge to that is our franchise tax and we will continue to advocate for its elimination. The reduction of the franchise tax in this budget is a step in the right direction.
North Carolina’s employers have identified child care as a critical factor in our state’s workforce challenges. Without access to affordable, safe childcare, a parent cannot go to work. Additionally, high-quality early care helps families raise healthy, capable children and build strong communities.
We are pleased to see increased reimbursement rates for licensed child care providers participating in the child care subsidies program from the 2018 market rate to the 2021 market rate. This first step would help communities across the state be more competitive in offering increased access to child care. We will continue to advocate for additional solutions that to address this long-term challenge.
Zero-Emission Vehicle Mandate Prohibition
North Carolina has the largest concentration of commercial vehicle companies, suppliers, and employees in America, and “the market-driven transition already underway” would only be hampered by government intervention. We are pleased to see that government intervention halted by this budget proposal so our commercial vehicle companies can continue to invest in their efforts to reduce emissions, protect jobs, and produce cleaner air and healthier communities for all.
Regional Greenhouse Gas Initiative Prohibition
Outside NGOs have petitioned the N.C. Department of Environmental Quality to force North Carolina to join a cap-and-trade program called the Regional Greenhouse Gas Initiative. It would require electric utilities and manufacturers that generate greater than 25MW’s of power to purchase carbon credits to produce electrons from dispatchable, on-demand sources.
Affordable and reliable power is a top priority for our state’s manufacturers and their competitiveness on the global stage. The last thing our state needs is to impose cost regulations on manufacturers which are leading the world in sustainability practices, and already making investments in carbon reduction for their operations. We are pleased to see RGGI prohibited in this budget.
“While the NC Chamber does not take a position on specific appropriations, it is important that North Carolina continue to prioritize its competitive position,” said Gary J. Salamido, president and CEO of the NC Chamber. “Our state has taken a balanced approach to its economic policies, yielding tremendous results for North Carolina as we continue to prioritize investments in workforce, infrastructure, and people in communities across the state.”