Gladys Robinson voted Nay (Concurrence Vote) on this Legislation.
Title: Reduces the Corporate Tax Rate and Establishes the Film and Entertainment Grant Fund
Title: Reduces the Corporate Tax Rate and Establishes the Film and Entertainment Grant Fund
Vote to pass a bill that reduces the state corporate tax rate.
Establishes the Film and Entertainment Grant Fund for the purpose of providing funds for encouraging the production of motion pictures, television shows, movies for television, productions intended for on-line distribution, and commercials, and developing the filmmaking industry in North Carolina (Sec. 2).
Defines “qualified group” as an electric power company that is an affiliated group with one or more members (Sec. 1).
Amends corporate tax rates for taxable years beginning on or after January 1, 2021 in the following ways (Sec. 1):
Establishes the tax rate for an electric power company or a company that is a member of a qualified group as one $1.50 per $1,000 of the corporation’s tax base;
Establishes the tax rate for all other C Corporations as $1.29 per $1,000 of the corporation’s tax base;
Establishes the tax rate for an S Corporation as $1.29 per $1,000 of its tax base that exceeds $1 million; and
Requires every corporation taxed under this section to pay annually to the Secretary of Revenue, at the time the return is due, the greater of the following:
A franchise or privilege tax at the rate set in the preceding highlights per $1,000 of the company’s tax base for an electric power company or a company that is a member of a qualified group; or
If the tax exceeds the tax calculated under the above sub-highlight, then the tax is levied at the rate set in the preceding highlights per $1,000 on the total actual investment in tangible property in North Carolina of such corporation as computed in the preceding highlights.
Amends corporate tax rates for taxable years beginning on or after January 1, 2022 in the following ways (Sec. 1):
Establishes the tax rate for an electric power company or a company that is a member of a qualified group as $1.50 per $1,000 of the corporation’s tax base;
Establishes the tax rate for all other C Corporations as $.96 per $1,000 of the corporation’s tax base; and
Establishes the tax rate for an S Corporation as $200 for the first $1 million of the corporation’s tax base, and $.96 per $1,000 of its tax base that exceeds $1 million.
Amends corporate tax rates for taxable years beginning on or after January 1, 2027 in the following ways (Sec. 1):
Establishes the tax rate for all C Corporations as $.96 per $1,000 of the corporation’s tax base; and
Establishes the tax rate for an S Corporation as $200 for the first $1 million of the corporation’s tax base, and $.96per $1,000 of its tax base that exceeds $1 million.
Title: Reduces the Corporate Tax Rate and Establishes the Film and Entertainment Grant Fund
Title: Reduces the Corporate Tax Rate and Establishes the Film and Entertainment Grant Fund
Title: Reduces the Corporate Tax Rate and Establishes the Film and Entertainment Grant Fund