BTC BRIEF: A fiscally responsible approach to rebuilding after Hurricane Matthew

By Cedric Johnson, BTC Policy Analyst
December 2016 
 
State lawmakers should show a clear commitment to help communities affected by Hurricane Matthew rebuild and regain stability during a special legislative session by stopping another corporate income tax cut that is set to go into effect at the beginning of 2017.  
 
Keeping the tax rate for profitable corporations at 4 percent will result in $349 million in additional state revenue for the current fiscal year, as estimated by state officials. The additional annual revenue would increase to more than $500 million the following fiscal year, meaning more available resources for recovery efforts in the years ahead and maintenance of core public services across the entire state.
 
Hurricane Floyd showed us in 1999 that federal assistance is not enough to fully meet the needs of communities after a natural disaster. Already it is clear that the federal commitment of $300 million will not meet the immediate need nor sustain the long-term effort to put Eastern North Carolina on a path to thriving.
 

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