Mujtaba Mohammed voted Nay (Passage With Amendment) on this Legislation.
Title: Reduces Corporate Income Tax
Vote to amend and pass a bill that reduces corporate income tax from 2.5% to 0% by 2028 and reduces other taxes.
Authorizes the use of American Rescue Plan funding to provide economic support to businesses affected by COVID-19 (Sec. 1.1a).
Establishes the Job Opportunity and Business Saving Grant Program to provide one-time grant awards to qualifying businesses (Sec. 1.1b).
Specifies that the total American Rescue Plan funding granted may not exceed one billion dollars (Sec. 1.1d).
Reduces the state income tax from 5.25% to 4.99% of a taxpayer’s North Carolina taxable income (Sec. 2A.1).
Increases the child deduction amount for taxpayers allowed a federal child tax credit (Sec. 2A.3).
Specifies that corporate income tax levels will be gradually reduced to 0% after 2027 (Sec. 2B.1).
Limits franchise or privilege tax to less than $150,000, but not less than $200 (Sec. 2C.1).
Establishes a tax of 2.25 cents per individual cigarette on the sale or possession for sale of cigarettes, to be paid by the licensed distributor responsible for the sale (Sec. 2F.1).
Requires that cigarette distributors obtain a license for each location at which cigarettes are stored or distributed (Sec. 2F.1).
Establishes an excise tax on the sale, use, consumption, handling, or distribution of tobacco products (Sec. 2F.1).
Prohibits wholesale dealers from exchanging, selling, borrowing, or loaning tobacco products to one another (Sec. 105-113.6).
Requires that wholesale and retail tobacco dealers obtain a license for each location at which they receive, store, or make tobacco products (Sec. 105-113.80).
Specifies that the Secretary of Revenue must credit 6% of the net proceeds of the tax to the University Cancer Research Fund and the remainder to the General Fund (Sec. 105-113.83).
Establishes a privilege tax of 4.75% on short-term motor vehicle rentals by a peer-to-peer vehicle sharing facilitator (Sec. 2G.1).
Requires that $500,000 be transferred from the General Fund to the Highway Fund within 75 days of the end of each fiscal year from 2021-2022 on (Sec. 2G.1).
Title: Reduces Corporate Income Tax
Title: Reduces Corporate Income Tax