NC Senate tax cut plan includes virus aid for businesses

RALEIGH, N.C. (AP) — North Carolina Senate Republicans have amended their original tax cut proposal to include $1 billion in federal COVID-19 relief money so that businesses trying to emerge from the pandemic get more aid.

GOP finance leaders unveiled the expanded plan on Tuesday. It already contained an individual income tax rate reduction and more generous standard deductions.

The new version also attempts to assist business owners that received Paycheck Protection Program loans and other government assistance.

They could receive grants capped at nearly $19,000.

The new version also envisions doing away with the corporate income tax by 2028.