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NC business breaks would top $300M

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RALEIGH, N.C. -- The price tag for a legislative grab-bag of tax breaks designed to spur economic growth and job creation in North Carolina could top $300 million in the next five years.

Legislators learned Wednesday that the credits for film producers, biodiesel makers, wind-turbine manufacturers, paper factories, and others would see North Carolina pass up collection of $300 million in taxes.

The bill cleared the House Finance Committee on Wednesday and could face a vote in the full House as early as Thursday.

Republicans and some liberal Democrats say the targeted tax breaks favor businesses with an inside track to politicians. Supporters say the credits are given only after positions are created and hundreds of jobs are at stake if just a couple of companies come to North Carolina.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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