In the article N.C. tax changes that go into effect Jan. 1, 2017, Triangle Business Journal’s Lauren Ohnesorge reports that North Carolina’s corporate tax rate will drop from about four percent to three percent on January 1, 2017. A holdover from a 2015 tax plan that said the rate was to drop when tax revenues met a certain target, this decrease makes North Carolina even more competitive in attracting economic suitors from competing states.
Partner Bill Nelson commented about this change that a lower corporate tax rate will further incentivize businesses looking to expand in North Carolina.
“The three percent corporate rate will give North Carolina the lowest corporate rate of any state that levies a corporate income tax rate,” he said. “It will make us much more competitive.”
Bill's experience includes federal and state tax planning for corporations, partnerships and limited liability companies, assisting taxpayers in federal and state tax controversies and advising clients in state tax legislative matters.