According to a release from the Legislative Fiscal Staff, the state is projected to be $ 584.3 million in fiscal year 2021-22, $ 1.4 billion in 2025-26.
Senate Democrats warn that abolishing corporation tax would cost North Carolina between $ 500 and $ 600 million in annual tax revenue that could be used for education, infrastructure, and public health initiatives.
HB334 also takes $ 1 billion from the federal bailout bill, which no member of the state’s GOP congressional delegation voted for, to provide one-time grants to businesses for up to $ 250,000 worth of jobs.
Qualified companies would have to prove that the pandemic caused them “considerable economic damage”, “for which they would otherwise not be fully compensated by economic support”.
Political analysts say some Senate Democrats would likely change their votes if asked by Cooper.
“I sincerely appreciate the Democrats who voted with us to lower the tax burden on the North Carolinians,” Newton said on Wednesday.
Ford Porter, a spokesman for Democratic Governor Roy Cooper, said ahead of Wednesday’s vote that “we have a golden opportunity to invest in our schools, quality childcare, small businesses, community colleges, transportation, housing and taxes”. Cutbacks for families who really need it. “