Post by Logan on Feb 10, 2016 2:19:39 GMT -6
Legislators look to cut NC income taxes by raising standard deduction
State legislators could consider further income tax cuts this year that could save families up to $115 per year.
A legislative committee heard a report Tuesday on raising the standard deduction for personal income taxes by $2,000. The standard deduction is the base amount of income that isn’t taxed unless a taxpayer chooses itemized deductions.
Under the proposal, a married couple filing jointly wouldn’t owe taxes on their first $17,500 in income – up from $15,500. For a single person, the deduction would increase from $7,750 to $8,750.
Legislators also reviewed a draft bill that would change how corporate income taxes are calculated for companies that do business in multiple states. A “market based sourcing” approach would base those taxes on the revenue the company receives from customers in North Carolina.
Read more here: www.newsobserver.com/news/politics-government/state-politics/article59396328.html
State legislators could consider further income tax cuts this year that could save families up to $115 per year.
A legislative committee heard a report Tuesday on raising the standard deduction for personal income taxes by $2,000. The standard deduction is the base amount of income that isn’t taxed unless a taxpayer chooses itemized deductions.
Under the proposal, a married couple filing jointly wouldn’t owe taxes on their first $17,500 in income – up from $15,500. For a single person, the deduction would increase from $7,750 to $8,750.
Legislators also reviewed a draft bill that would change how corporate income taxes are calculated for companies that do business in multiple states. A “market based sourcing” approach would base those taxes on the revenue the company receives from customers in North Carolina.
Read more here: www.newsobserver.com/news/politics-government/state-politics/article59396328.html