Politics & Government
2:20 pm
Tue July 23, 2013

McCrory Signs Tax Reform Bill

Gov. McCrory signs tax reform into law.
Credit Dave DeWitt

It was all smiles inside the Governor’s mansion today. Flanked by Senate President Pro Tem Phil Berger, House Speaker Thom Tillis, and his own budget director Art Pope, the Governor praised his fellow Republicans for their leadership in passing wide-ranging tax reform.

He says it will help the state recruit new businesses.

"There are a lot of people unemployed right now," McCrory said. "There are a lot of people looking for work and there are a lot of companies looking at other states to go to create new jobs. And they’re beating out North Carolina."

The Tax Reduction Act cuts corporate and income tax rates and slightly increases sales tax.

Democrats and other opponents say the benefits go mostly to high-income earners and will greatly reduce future state revenues, necessitating more severe cuts in the years to come.