FACTSHEET: Senate Bill 677 - Corporate Income Tax Cuts Unlikely to Promote Growth

By Alexandra Forter Sirota
Director, Budget & Tax Center
April 2013

Senate Bill 677 filed by Senators Rucho and Rabon last week would cut corporate income taxes. The bill would cut the corporate income tax rate to 6 percent from 6.9 percent. It also would change the formula used to determine a multi-state corporation’s income tax in North Carolina to a single sales factor formula.

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