Broad cuts, narrow tax breaks boost NC business better?
By EMERY P. DALESIO
RALEIGH, NC (AP) – North Carolina legislators who say their corporate and personal income tax cuts two years ago spurred job growth are debating whether to preserve elective tax breaks Gov. Pat McCrory wants to expand.
The state’s largest program of targeted tax breaks is due to expire after this year. McCrory’s administration has promised almost $400 million in tax breaks in the governor’s first two years in office to lure companies. The Job Development Investment Grant program is now nearly empty.
Legislators are weighing whether more jobs result from further tax cuts or dangling dollars to companies that will relocate or expand in North Carolina.
State leaders are under pressure because wages, income growth and poverty is worse than the U.S. average even though 123,000 jobs were added since January 2014.
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