Governor McCrory Will Veto Unfair Tax Redistribution Bill
Statement
Governor Pat McCrory said he would veto Senate Bill 369 which would change the sales tax distribution formula in North Carolina.
"This bill will result in a tax increase for millions of hard working middle-class families and small business owners throughout North Carolina," Governor McCrory said. "Redistribution and hidden tax increases are liberal tax and spend principles of the past that simply don't work. More importantly, this bill will cripple the economic and trade centers of our state that power our economy."
"The best thing the Senate and General Assembly can do for the less populated areas across our state is to pass and allow us to implement the NC Competes jobs strategy which will benefit travel and tourism, agriculture, manufacturing and nearly every economic sector in our state."
"The General Assembly must also pass the Connect NC bond proposal so North Carolina voters can decide this November on projects that will build roads, improve our universities and community colleges, state parks and build the infrastructure North Carolina needs to grow jobs."
The Governor said SB 369 would be more accurately titled the "Tax Increase, Redistribution and Spending Act."
"When the phrase 'hold harmless' is used by politicians to defend tax increases, hold on to your wallet," the Governor said. "This legislation will decimate our travel and tourism sector, particularly in our mountain and beach communities, shop owners and their employees who depend on tourism for their livelihood. Instead of pursuing left-wing ideas that continually fail, it's time for the General Assembly to get to work on job creation for all North Carolina."
Among the significant public investment that has been made in rural North Carolina since Governor McCrory was sworn into office in January 2013, is $84 million from specially targeted funds and programs to grow the economies of non-metropolitan areas.
These targeted funds include $66.7 million from the Rural Infrastructure Authority. The One North Carolina Fund has spent $16.3 million, the Underserved and Limited Resources Community Grants program has invested $1.75 million and the One NC Small Business Fund has given $200,000 in grants.
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