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NC GOP tax package may cut rates, simplify returns

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RALEIGH, NC (AP) -- North Carolina's individual income tax rates could be lowered and state returns simplified in a package of changes being considered by Republicans at the Legislature.

House Speaker Thom Tillis of Cornelius told reporters Wednesday that legislative leaders are working on finalizing a proposal they say would create jobs by putting more money in the hands of business owners and providing them with more certainty about their tax bills.

Tillis said leaders are considering reducing the marginal income tax rates and changing deductions by eliminating paperwork on how they're calculated. He also said a corporate income tax rate is possible, but it may be combined with changes that make clear how the Department of Revenue will consider business revenue for planning purposes.

The package could be rolled out next week.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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