GARY D. ROBERTSON
RALEIGH, NC (AP) — The North Carolina legislature has finalized its tax overhaul deal and now will send it to Gov. Pat McCrory’s desk for his expected signature.
The Senate voted 32-17 Wednesday for a tax overhaul deal it worked out last weekend with McCrory and House GOP leaders. The House gave its final approval a couple of hours earlier. The initial round of legislative votes was held Tuesday.
McCrory already has publicly endorsed the bill, which would reduce individual and corporate income tax rates and adjust slightly which transactions are subject to the sales tax.
Once McCrory signs the bill, most changes will take place in January 2014 and July 2014, although the repeal of North Carolina’s estate tax begins this year.
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