MEDIA ADVISORY: General Assembly committee to meet Wednesday to discuss repealing the NC estate tax

WHAT: Consideration of repealing North Carolina’s estate tax

WHO: North Carolina General Assembly Revenue Laws Study Committee

WHEN: 9:30 a.m., Wednesday, March 7

WHERE: 544 Legislative Office Building (LOB)

RALEIGH (March 6, 2012) –The NC General Assembly’s Revenue Laws Study Committee will meet on Wednesday morning to consider repealing the North Carolina estate tax, the most progressive of the state’s taxes.

Alexandra Forter Sirota, director of the Budget & Tax Center – a project of the North Carolina Justice Center – will be testifying and available for public comment at the committee hearing.

Eliminating the estate tax in North Carolina would shift tax responsibility away from the state’s wealthiest households and reduce revenue available to fund key public investments. The estate tax already exempts all but the very wealthiest estates, and eliminating the tax would cost up to $80 million or more in state revenue each year in order cut taxes for North Carolina’s wealthiest households.

“Preserving our state’s estate tax is an important part of ensuring that everyone pays their fair share to support North Carolina’s vital public investments,” Sirota said.

FOR MORE INFORMATION CONTACT: Alexandra Forter Sirota, Director, Budget & Tax Center, Alexandra@ncjustice.org, 919.861.1468; Jeff Shaw, Director of Communications, NC Justice Center, jeff@ncjustice.org, 503.551.3615 (cell).