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NC Legislators Consider Corporate Tax Policy Changes
Legislation is being negotiated in the NC General Assembly which would block NC Dept. of Revenue from penalizing multistate companies viewed as trying to move profits around the country to avoid paying NC taxes.
The legislative proposal would block penalties of 25% for purposeful tax underpayments and 10% for negligent underpayment. The tax break would only affect large corporate business such as Wal-Mart, leaving individuals and smaller companies to still contend with the penalties.
Source: Rocky Mount Telegram - June 2010
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Federal Health Care Bill Includes Tax Credit
The federal health care reform bill includes a tax credit worth up to 35% of what a small employer pays to provide health insurance to employees.
This year's tax credits, available on a sliding scale, apply if a company or nonprofit organization has fewer than 25 full-time employees with average wages of less than $50K per year and if the business pays at least half of the employees
insurance premiums. The credit could affect between 1.8 million and 4 million small businesses.
Source - Tennessean |
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American Jobs & Closing Tax Loopholes Act of 2010
The bill has now passed the US House twice and the Senate once and is now positioned for final negotiation. The bill resuscitates many business tax benefits which expired at the end of 2009 and has bolstered the SBA's lending policies for small businesses by increasing loan guarantees and eliminating borrowing fees.
One possible tax benefit is that businesses would only have to pay their ordinary tax rate on 50% to 75% of their income. The bill may also include a $30 billion fund to boost SBA's lending pool.
Source: The New York Times - Thomson Reuters - June 30, 2010 |
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NC House Bill 1973: Keeping NC Competitive Act
The bill is backed by the NC Chamber and has passed the NC General Assembly. The bill includes tax credits and economic development incentives for a wide array of industries. The bill specifically covers investments in job creation, business property, and real property.
It also includes tax incentives for business with no significant DENR violations. Click here for a summary of the Bill provided by the NC Chamber.
Source: NC Chamber |
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Tolling Interstate I-95
NCDOT is moving forward with plans to toll I-95. The measure has the support of Senate leader Marc Basnight. DOT plans to submit with proposals Spring 2011 which could go into effect in 2012.
Source: NC Chamber - June 18, 2010
NOTE: NCDOT will host a CITIZENS'
INFORMATIONAL WORKSHOP for the Interstate 95 Phase I Corridor Planning and Finance Study on Tuesday, August 17th from 4:00 pm to 7:00 pm at the Imperial Centre in Rocky Mount.
This is one of seven I-95 workshops to be held in NC.
Do you have a suggestion to improve I-95? Do you want to know more about the 183 mile long corridor through North Carolina? What is happening with the concept of tolling I-95? Here's your chance to learn more and to speak out.
Visit the website to learn more about this study: http://www.driving95.com/ |
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Making Hwy US 301 a Super Highway
The Rocky Mount Chamber mailed out a questionnaire to member businesses on the 301 corridor to gauge interest in the different road plan options for the highway.
Option A is a more traditional highway which would maintain most of the existing intersections. Option B is the new super highway model which would eliminate most of the existing intersections to make the road more of an expressway.
There was little response to the survey, but those that did respond overwhelmingly supported Option A. Chairman Turnage signed a letter which was mailed to NCDOT stating the Chamber's support of Option A. |
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House Bill 813: Uniform Apportionment of Tort Responsibility
This bill was approved by the House in 2009, but the Senate decided to delay action during the short session.
Source: NC Chamber - June 18, 2010 |