Senate Tentatively Passes Tax Plan
Lawmakers in the state Senate have tentatively approved a bill that would cut personal income tax rates and phase out the corporate income tax.
It would set the personal income tax rate at 5.75 percent, and it would cap the gas tax rate for two years.
Senate President Phil Berger says the reworked proposal is a compromise that makes it more like a tax plan put forward by the House.
"There's been a good deal of work done on trying to find some common ground between where the Senate was and where the House has been," Berger said. "There is I think substantial movement in connection with this bill and the bill itself will help North Carolina in areas that we desperately need help."
The measure was rolled out after weeks of negotiations between the House and Senate. It requires a final Senate vote before it can go back to the House, which isn't taking up legislation this week.